Experts share their advice for parents navigating financial insecurity with their children.
If you’re a parent whose financial situation has changed due to the pandemic, you may be struggling to determine the best way to convey this new reality to your children. Fortunately, there are healthy and educational ways to have conversations about family finances with children.
“As I have seen time and time again in my own practice, kids often know more than what parents think, but they often fill in the details with their own fears and understanding, which may be a lot scarier than the actual reality,” she added. “From there, you have to lead by example and not let your children hear you complaining aloud about money,” said Hafeez.Lindsay advised using a local community example to explain your family’s economic situation ― like a favorite pizza place that has temporarily closed.
“Some of the hard choices may be keeping everybody safe and fed, and not getting to do other things that are fun or extra this summer,” she said. “Like not joining the pool this summer, keeping the air conditioner at a higher temperature, cutting the cable bill and not going out to eat as often.”Highlight all the fun, free activities available.
Kids can learn about budgeting and help determine what to prioritize when shopping for groceries and essentials. Love said she includes her son in her day-to-day finances and gives him an opportunity to ask questions. “Do not try sugar-coating anything and be realistic about what you can promise them for the future. If they begin speculating on ‘what could’ happen or ‘worst-case scenarios,’ steer them away and focus on the facts,” she said. “Frame the situation with positive language, and as a challenge, the family is equipped to, and will, overcome. Your teen might even take the initiative to help, and you should let them if this is the case.
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