Those who came of age during the darkest days of the depression used those hard times to develop lifelong money saving habits and a strong aversion to debt. Men and women who had experienced severe deprivation and hardship first hand learned to make the most of every dollar – and to value the things in life that really mattered. And those depression era survivors tried to pass those money smart values on to their children and grandchildren – with varying degrees of success.

As the world moved further and further away from those dark days, many of those hard lessons were lost, and by the time the current recession hit home many of us had fully embraced frivolous spending and conspicuous consumption. In many parts of the country there seemed to be a race to determine who could buy the biggest house, the fastest car and the flashiest clothes. The twin concepts of saving money and spending it wisely seemed to be lost in this ever rising race to the top.

Now that the economy has crashed and the housing market has collapsed, many people are looking to the Great Depression for parallels. While the current downturn has not risen (or sunk) to those depths, this dark period in our nation’s history can provide some important lessons for those coming of age in today’s world. With a little luck and some hard work parents can use the lessons of history to instill money smart values I their children – and those lifelong values may just provide a silver lining to the current financial storm.

In fact the current economic downturn provides a golden opportunity for parents to talk openly and honestly with their kids not only about the family’s finances but about the importance of saving for the future and giving to those less fortunate. While many parents are reluctant to speak to their kids about money, responsible parents can and should discuss the current financial crisis and what it means to the family.