Economic recession has traversed stereotypical boundary of developed and developing economies into a global crisis. Its impact is felt in all areas of life as economics is the bedrock of human activities. In Nigeria, economic hardship has been experienced in time past but the ravaging effect of the present economic recession has more negative impact on the family. Past studies have focused on different areas of the effect of recession, some on provision of basic necessities, as it affects the different genders, the health implication, the economic hardship it poses and the survival strategies adopted to cope with it. This paper is interested in its effect on the family, particularly as it relates to child care and eroding family values and the attendant social problems such as street children malady. Primary and secondary data were used. Family Stress Theory was used to explain the realities of economic hardship on the family. Findings revealed that there is a link between economic recession and declining family values and that economic hardship adversely affects child care/parenting. It suggested enlightenment on the need for positive parenting that will help reduce child abuse, neglect and parent/child conflict,as well as Economic plan of diversification through public-private initiatives and entrepreneurial development that will create employment and boost national/family economy in order to ameliorate the effect of economic recession.