The Pressures of Parenting and Spending: A Sydney Mum’s Perspective
Ashley Brooks-Garrett, a Sydney-based PR consultant and mother to one-year-old Archer, has candidly shared her experiences regarding financial pressures that often accompany parenthood. In a conversation with Yahoo Finance, she acknowledged how the expectations to maintain certain spending habits can shift perspectives on money.
Before becoming a mother, Brooks-Garrett prided herself on never feeling the need to compare her possessions to others. However, after joining a mothers’ group, she began to notice the prams and toys that other parents had, prompting her to feel self-conscious about her own choices.
Reflecting on this change, she recounted an incident where her desire to provide for her son led her to purchase an expensive $200 bike after observing other children in the area. This decision stemmed from a casual brunch outing, where she and her partner engaged with another family who also bought the same brand of bike simply because “everyone else had one.”
After conducting thorough research on various options, Brooks-Garrett chose the bike she believed was the safest for Archer. However, she later discovered that a friend had purchased a similar bike from Kmart for just $75, which would have sufficed just as well. "It was a good reminder of how easily marketing can influence our decisions," she reflected.
Safety considerations are a substantial factor for parents when making purchases. Brooks-Garrett expressed concern regarding essential items like car seats and prams, feeling that a higher price might correlate with better safety. "In every choice we make for him, there’s pressure to ensure we’re making the right decision," she noted.
Recent research from Choosi indicates that 82% of Australians view overspending to "keep up with the Joneses" as a significant financial red flag. Yet, 11% confessed to falling victim to this pressure, with Gen Z individuals leading at 19%. Additionally, a Finder survey uncovered that 30% of Australians felt compelled to purchase items to match the lifestyle of friends or family, with 15% admitting to going into debt due to this influence.
The average Aussie reportedly overspent by $1,309 in the past year in a bid to keep pace with others. Some have accumulated significant debt as a consequence, such as Brisbane resident Toneille Rowlands, who and her partner found themselves $151,000 in debt while attempting to maintain an appearance in line with an increased income. "We ended up with several loans and credit cards, all of which stemmed from a need to keep up with our peers," she shared.
Glen Hare, co-founder of Fox & Hare Financial Advice, pointed out that the pressure to conform highlights unique challenges facing younger generations today. He emphasised that growing up surrounded by social media, which showcases curated lifestyles, fuels a desire to overspend to match those ideals. Coupled with economic challenges—like soaring housing costs and minimal wage growth—many feel financially insecure, leading to impulsive spending on possessions and experiences that provide a fleeting sense of control.
Hare advised Australians, especially younger ones, to focus on building sound financial habits. He stressed the importance of budgeting, monitoring expenses, prioritising savings, and being critical of the lifestyles portrayed online.
Brooks-Garrett reflected on her own habits, noting a shift in her approach to spending. "I now ask myself whether I’m choosing a product based on its quality and safety or simply because it’s popular," she explained, advocating for a more mindful purchasing perspective.
In conclusion, the pressures parents face regarding spending—driven by social expectations and marketing—can lead to financial stress. By fostering awareness and practising conscious spending, families like Brooks-Garrett’s can work towards a more balanced financial outlook while navigating the complexities of parenthood.
