Parents need to be aware that their children might be freaking out over the economy
by Colin Lovett, PIC Current Producer
Courtesy of Digital Sextant
I was talking with my 10-year-old son a couple of days ago and he asked me, out of the blue, “are we going to lose our house?”. The question was simple enough, but I couldn’t for world understand why he was concerned.
Like most Americans, my wife and I have been talking about the current economic mess. My son is also seeing and reading reports of millions losing their jobs or homes. And no one was telling him how it might hurt us. This concern came from a boy who’s biggest problem is deciding if he will play on his skateboard or annoy his brother.
I sat him down and explained what was happening and how we were fine for now but would always stick together as a family if things got bad. He told me the talk made him feel better. But I wondered how many other kids across our country have the same worries, especially in those homes where job losses and home foreclosures are a real threat.
The Washington Post recently reported:
A survey of 500 U.S. teenagers released Friday found that almost 70 percent feared an “immediate negative impact” on the security of their families.
Most experts encourage parents to offer reassurances to younger children and have straight talks about finances and the economy with interested teens and older kids. This is sound advice that certainly worked for me.
Here are five things families can do to help their kids when facing tough financial problems:
- Don’t hide bad news. A kid will probably figure out that you’ve lost your job and will be more scared than if you just tell them you are out of work but looking for new employment.
- If you might lose your home, tell your kids where you will likely move to. This could be an apartment or even moving in with family. Make sure they know the family will stay together and have a place to live. It’s not good news, but it is probably better than the nightmare possibilities they are thinking about.
- Use the current economic problems to teach your kids about money. For example, have your younger kids help you clip coupons and buy groceries to learn how much things really cost. Most children don’t understand real value of things. You know this is true when you have a kid like mine who once asked if we could skip a meal and buy a Porche with the $20 I had in my pocket.
- Let your older kids watch you pay your monthly bills, showing them how much comes in, how much goes out and why.
- Ask kids to make sacrifices along with you. Maybe they need a smaller holiday wish-list or fewer toys. But they need to see you making sacrifices also, such as stopping daily trips to the coffee shop.
Like all good parents, you are best suited to determine what kind of information your kids can handle. But talking with them, at any level, is the key.
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These are definitely great tips for older kids who have more of a sense of what’s going on, or might overhear the news or adult conversations and become worried. Thanks for sharing them!
For the younger crowd, though, like my 4-year-old, I don’t think it’s necessary to scare them with explanations that may be over their heads. Instead, set an example of responsible spending, saving, and teaching about the difference between wanting and needing things.