Recession Worries Affecting Kids As Well

Despite all the talk about the economy doing better, for many families times are still very difficult. And parents and school counsellors are reporting that it’s really taking its toll on kids. For many adolescents, worries about their family’s financial situation along with fears about other things they feel no control over, like global warming or terrorism, is leading to a generation of very worried kids.

According to a poll from Wakefield Research quoted in the Chicago Tribune story, nearly three-quarters of parents say the recession has increased stress in their families, and a third  say their children have expressed concern or nervousness about the economy. Parent’s worries affect kids — those whose parents are anxious or stressed by the economy  are four times more likely to be stressed out themselves.

Money is not something kids talk about with their friends, either, so kids often feel very alone with their worries.

I know, believe me I know, that it’s extremely difficult to keep your money worries from affecting your kids. We’ve found ourselves snapping at our kids or being too preoccupied to parent well when we’re worried about money, and our kids are mostly too young to understand the concept of money and jobs. What we do is to reassure our kids that they will always be taken care of, even if we can’t afford to do some of the things they really enjoy. How has the recession affected your kids, and how do you talk to them about your family finances?