How do you talk to kids about the economy during tough times?
It is best to try to explain our tough economics to kids. Regardless of their age, never frighten them. Try instead to allay their fears. Reduce family stress by sharing the situation in as much detail that is age appropriate. For example, if a parent has lost a job, be honest and straightforward, but never convey panic, which weighs on children tremendously. Younger children need reassurance. Assure them it will get better. For example, if they want to buy a small pet, the time will come when this purchase is possible, but at this point, it is best to wait. It is certainly appropriate to say to children of all age groups that we’re going to have a lean birthday or holiday season this year. Encourage creative gift giving that is from the heart rather than the wallet.
As to teens, share the details of your monthly take home pay, and how you/we are going to make changes in your family purchases. High schoolers can process this information and it will be good for them in the long run, when they reach adulthood themselves. And with both tweens and teens, it is opportune to admit a mistake that you’ve made (e.g. too much credit spending in the past, not enough savings, etc.) If debt is too high (i.e. over credit limits), get help from your teen in cutting back on spending and expenses. Let them know just why you have to say “NO!” to any requests on their part for purchases. If teens have this detail, they will more likely understand, and begin to learn cash management strategies for their futures.
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Dr. Susan Smith Kuczmarski has taught at 8 universities, now at Northwestern University and Loyola University in Chicago. She is an award-winning author of 6 books, 3 on families and 3 on leadership, including her newest, Becoming A Happy Family: Pathways to the Family Soul (2015), and her best-selling, The Sacred Flight of the Teenager: A Parent’s Guide to Stepping Back and Letting Go, which was released (2019) in Egypt in Arabic. Trained as a cultural anthropologist, she has researched extensively how children learn social skills and teens become leaders. A frequent radio and television guest, she has appeared on "The Today Show" and speaks regularly to parents and educators. Listed in Who's Who in the World for 12 years and an International Fellow of Columbia University, her 35 years of college teaching and research have made her an expert on issues devoted to the contemporary family.
