To assess the impact of economic hardship on 111 European American and 167 Mexican American families and their 5th-grade (M age 11.4 years) children, a family stress model was evaluated. Structural equation analyses revealed that economic hardship was linked to indexes of economic pressure that were related to depressive symptoms for mothers and fathers of both ethnicities. Depressive symptoms were linked to marital problems and hostile parenting. Paternal hostile parenting was related to child adjustment problems for European Americans, whereas marital problems were linked to child adjustment problems for Mexican Americans. Maternal acculturation was associated with both higher marital problems and lower hostile parenting. The utility of the model for describing the effects of economic hardship in Mexican Americans is noted.