Talking To Your Kids About Recession
Written by Carla Lowe - Saturday, 06 December 2008
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 Talking to your kids—whether they’re four, 10, or 18 years old—about certain subjects can be tricky
, and some subjects—sex and money probably ranking at the top of the list—are trickier than others. With the economy in the shape it’s in, you’d probably rather discuss the birds and bees than the recession!
However, it’s important to talk to your kids about what’s going on in the economy; after all, they are people, too, and are probably already aware of something amiss.
Maybe they’ve noticed you watching or listening to the news more often or having intense discussions with your spouse; maybe they’ve noticed you cracking down on excess spending; maybe an uncle, aunt, family friend, or neighbor has been laid off.
Here’s what you can do to better handle talking to your children about the economic crisis:
Be open
Although you may well enough be tempted to do so, don’t pretend that everything is fine, either within the U.S. economy as a whole or specifically within your own home. Kids can pick up on more than you might think, so sugarcoating or avoiding/ignoring the problem won’t help the situation at all; in fact, it can lead kids to become confused, scared, imagine worst-case scenarios, and come to not trust or believe you, which will, in turn, hinder your relationship.
Instead, let them know, briefly, what is happening around the country and what this might mean for you as a family. Open up the table for discussion and welcome questions. Keep in mind that you should not expect one discussion and then have the issue dealt with for your kids; it will likely be an ongoing process of questions and concerns.
Be simplistic
No use going into all the details of how and why we’re in a financial crisis—not even adults understand all the complexities of what has led and is contributing to the crisis. Simplicity is key. You can let them know, in broad, general terms, what’s happening and what this will or could mean for your family. Most children will be able to understand what a budget is and that you, as a family, will need to be careful about spending less and saving more, for example.
Be age-appropriate
Teenagers will certainly be able to understand quite a bit more than preschoolers, so age definitely plays a factor in determining how much detail you’ll care to share with your child. Allow your children the freedom to answer questions as they need, and answer them honestly, offering age-appropriate details. Be careful not to burden your children with too much information or with specific problems you and your spouse might be facing, particularly if your kids are too young to understand them.
For example, preschoolers might only need to know that Mommy and Daddy are worried about money and need to be careful about money, and that maybe the family can’t buy a lot of extra toys or clothes right now. School-aged kids can receive more details, depending on how much information they can handle. You might explain that some people are losing their jobs and their homes, and that’s why the family needs to be careful with money right now. Teenagers can handle more specific details, and are probably already discussing issues at school. You should let them know that you are there to help explain anything or answer questions or help them work through any issues with them.
Be calm
Even though the current economic crisis is real and serious, there’s no need to instill a sense of anxiety, fear, or panic in your children. Remain as calm and reassuring as you possibly can. Let them know the recession is a serious issue, but you’ll be proactive; for example, maybe you’ll be cutting back on spending and trying to save more money and everyone in the family should do their part to help with your action plan. Let them know everyone may have to make small sacrifices but that you’ll all be okay in the end. Your children should know that no matter what happens with the economy, your jobs, and/or your home, that you’ll be together and you’ll be safe.
The bottom line is to keep the doors of communication with your children open and treat your kids with respect; they deserve to know what’s going on, at least to a certain extent. And remember that you should let your kids know that they are welcome and free to ask any questions they need to, even if you don’t know all the answers (which you won’t—so remember to be honest and admit your ignorance as necessary).
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