( CNN ) -- Despite the steady drum-beat of economic news , therapists say money is still one of the most taboo subjects for American families . Keli Lauric , 30 , and her grandmother , Evelyn Gloer , 79 , view money based on life experience . `` It 's easier to talk about sex than it is to talk about money in our societies , '' says Dr. Nancy Molitor , a psychologist in Illinois . And that 's too bad , because all of us have something to learn from each other , says Molitor . Often , generations seem like they 're speaking different languages when it comes to saving and spending money . Older people tend to save , while younger generations wrestle with the fallout from overspending . Experts say people 's spending habits often reflect the environment in which they grew up . To find out how families view money during the economic recession , CNN.com sat down with two multigenerational families . The four-generation Merriweather family worries its younger members may have been spoiled by the economic high tide of the 1990s and early 2000s . Marvin Merriweather , 65 , says a person 's spending habits are derived from life experience . If your life was hard , you save ; if you 've got it made , you tend to spend , he says . Watch the Merriweather family talk about money » . `` I think a lot of the fault falls to us as the older generation by not teaching [ financial skills ] , because we try so hard to make it better for our children . '' The three-generation Gloer family says families need to remember to lean on each other during the hard times . `` Life 's what you make it . I still say that , '' says Evelyn Gloer , 79 . `` I mean , you do n't have to be rich to have a happy home . '' Olivia Mellon , a money coach who organizes multigenerational family retreats to talk about spending , says older generations are more inclined to hoard money because they 've lived through difficult times . Now , `` we have a culture of addictive overspenders , '' she says . But , with the recession , there are signs spending habits are trending back toward the Depression era , she says . `` Some people are getting much more frugal and much more risk-averse , '' Mellon says . Keli Lauric , Gloer 's 30-year-old granddaughter , says she spent her money freely in her 20s , living in New York . Now in Atlanta , Georgia , she owns two houses because she ca n't find a way to sell or rent one of them . Like many people , she 's had to cut back . The recession has `` made everyone realize you have to live on a budget all the time , even when times are good , '' she said . Dr. April Benson , a psychologist and author of books on compulsive spending , said this is a good time for families to bond over experiences instead of purchases . Molitor , the family therapist , said many Baby Boomers grew up with a sense of entitlement about money . Now , many of them are terrified because they may have to put off retirement because their savings accounts dwindled as markets fell . Older generations tend to save more , she said . Many avoid credit because they remember hard times after the Great Depression . iReport.com : What have you learned from past generations ? Families can use the economic recession as a chance to band together and learn from each other , she says . `` This is an opportunity . As much as this is very painful , many people are actually using this as a challenge and they 're actually rising above this , '' she says . Molitor said children should be involved in financial planning from an early age . At about age 8 , they should be able to understand if the family is under financial stress , so it 's best to see what they can contribute . Dr. Barbara Lips , on the other hand , says children should be involved in financial planning , but should not be made aware of family money problems at a young age . `` If [ children ] have a sense that mom and dad are OK then they are OK , '' says Lips , a psychologist in Iowa . `` Mom and dad being OK really is their sense of security . '' Molitor says she 's seen a wave of families come to her to talk about money and the stress it 's causing them . Often , what they need is to talk to each other , says Molitor . The Gloer family agrees . Melanie Burns , Evelyn 's 53-year-old daughter , says families should band together in hard times . `` That 's what family 's for ... We 're here to support each other if we need it . '' `` Right , when somebody falls down we pick them up , '' Evelyn Gloer responded .
Therapists say money is still more taboo in American families than sex . Generational differences and life experiences can shade a person 's view of money . Older generations tend to save more ; younger people tend to rely on credit . Comment: