From the Boston Gobe:
Anne-Marie Faiola remembers resenting working in her mom’s garden as a teenager while her friends were out having a good time. But if she wanted spending money, she had to work for it.Yet any ill feelings Faiola had about her parents’ lessons in frugality are long gone. These days, when she sees friends burdened with debt, Faiola, 33, is grateful. “It didn’t always feel like that,’’ said the Bellingham, Wash., website entrepreneur. Yet when the economy went south and she had money in the bank, Faiola knew whom to thank.Frugality has taken on a certain shabby chic. There’s always been a segment of the population that by conviction, or necessity, saved by eating at home, shopping at discount stores, and choosing practical cars over luxury models.“I did have my time of going wild, but I always paid it off,’’ said Priti Mehta, 28, who works for a nonprofit and is a graduate student in Albuquerque.Financial pundits insist children absorb the spending habits of their parents. Yet there’s little research, said Tim Kasser, chairman of the psychology department at Knox College in Galesburg, Ill. “Thrift hasn’t been of major interest to American culture in the last 60 years or so,’’ he said.Yet if parents make saving money fun, give children choices, and explain why careful spending is a good way to live, the children will probably get the message, he said.