Should you discuss money problems with your children?
Mar 12
One of the biggest hurdle in my life as a recently single parent was the fact that I needed to explain our financial situation to my children, especially my eldest. Ofcourse they have noticed the big difference. Like we do not shop as often now, especially for unnecessary items we used to horde when we were still shall we say, well-off.
It is true, one of the big responsibilities of any parent is how much to talk to their children about serious, complicated and potentially worrying issues. Although most parents want to allow children to maintain some degree of innocence, and to be shielded from the worst the world has to offer, but I agree that children need to be aware of certain issues especially when they are deeply involved as I am.
The current economic climate is causing many families to reassess what they spend their money on and how they live their lives. Like most families, we have drastically changed our lifestyle. I know children aren’t stupid, and they are very impressionable. I know that we do not have to necessarily burden them with the details, but simplifying the situation and explaining the issues to the children who are old enough to understand rather than just letting them wonder what the heck things were different than before.
It’s probably best not to force the issue that is if your child is showing no interest in the subject at all, it’s not worth making a big issue out of it – that could backfire and cause the child to become anxious about the situation.
It will depend on the age of the child as to if, when and how you tell them. Very young children are ultimately looking to you for their security, and no doubt you’re doing your very best to see that their needs are met. Why confuse them?
On the other hand, older children and teenagers may be much more inquisitive, possibly asking more demanding questions. You might also find yourself being asked why you can’t afford those new trainers, mobile phone or games console. This is a good time to explain that, as a family, you have to look after your money and spend it more wisely.
One thing: Don’t make them feel guilty for wanting new things. Instead, suggest that, at least for the next few months, you’ll all have to find other less expensive ways of having fun and entertaining yourselves. I have learned that once explained and they become more aware of the situation, my children has stopped asking but has even learned to curb their desire for things and unnecessary items. You should hear my daughter say, “This is not important. We must buy food and pay for utilities first.”
Every family is different, and you know your children the best, but these are some guidelines that you might want to adapt so that your family continues to feel secure and informed even in these more difficult times.
- What do you think?
- Have you talked to your kids about money and the current economic situation?
- How did they react?
- What advice would you give to other parents?
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