Home » Recession: Tackling ‘Sai Baba’ syndrome on Families

Recession: Tackling ‘Sai Baba’ syndrome on Families

by Family Center

By Odunewu Segun

Between 2015 and 2016, over 50 per cent of employees have been laid off due to the economic recession. Job loss destabilizes families, which may trigger other unintended consequences like depression and alcoholism that may have serious effect on wellbeing.

Economic hardship knows no limits and boundaries, it affects livelihood of everybody in one-way or the other- and this naturally gives impetus to survival instincts as people work harder and more effective to tackle the new economic realities.

Taking a lower-paying job would reduce short term pressure in meeting basic obligations- this is a short term measure to stay afloat while looking for high-paying jobs. You may consider borrowing from friends and families but this may not bring a desired short-term relief as envisaged.

Long term strategies may include registering with professional job-finder organisations for effective job search. You may also consider change of career path or acquiring new sellable skills during the economic recession. Do not write-off relocation as this may reposition you competitively.

Financing education is another major obstacle in this critical period. Many families are already switching to cheaper schools around with same qualities and standards, which we consider a good step in direction- but this may not work for university students. For under-graduates, we suggest on-campus business or total switch to part-time schooling programme, which allows students to combine work and learning for self-financing purpose.

The effect of no source of income to meet basic family needs and obligation may cause frictions among families, which may lead to long lasting damaged family relationships. For instance, some families had already cancelled holidays abroad, sold houses and changed children’s schools to public schools as a way to cope with recession.

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Due to lack of availability of funds, small scale business owners may lose willingness to take advantage of emerging opportunities during recession, which may stunt business growth significantly.
Generating instant income to cater for family needs should be top priority this period- we would suggest that this is not the time to take big risk in starting new business, it is better to focus on research and search for investors and partners

 

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