In response to the global financial crisis, social policies in Europe and elsewhere incorporated a logic of social investment to reduce (child) poverty and social inequality. Several critiques, however, have been raised against the narrowness of this discourse. In order to introduce another way of seeing, an interview study was conducted inspired by the interpretative paradigm of lifeworld orientation. This has allowed us to acquire a critical, in‐depth understanding of the consequences of economic downturn and unemployment for families with young children (0–3 years old), from their point of view. Findings highlight the importance of listening to parents here and now, in order to be able to take account of their concrete, lived realities within the context of the broader society and critically assess these realities according to principles of human dignity and social justice. Implications for social work practice are discussed.