Financial strain and family relationships

Economic downturns and catastrophes that cause loss of lives, jobs, homes, land, and food are major sources of stress that place additional financial burdens on families. In this chapter, we review three major theoretical frameworks regarding the effects of financial strain on family relationships: family stress models, intergenerational transmission models, and interactionist models. We review the empirical evidence for each framework and evaluate the usefulness of each framework for understanding the links between financial strain and family relationships. We argue that all three frameworks provide valuable insights into the ways in which financial strain impacts families in the current and future generations. We conclude by highlighting the ways that high quality research on this topic can inform and transform society in positive ways, including through more supportive practices, programs, and policies for families enduring financial strain.