Talking to children about money worries

It can happen to any family: sudden financial bottlenecks, whether due to unexpected expenses, illness or unemployment. In such situations, many parents ask themselves the question: should we talk to our children about our money worries? The answer is "yes" - but in a child- and age-appropriate way. Talking openly about money helps children to understand the situation better. At the same time, they can learn a lot about how to handle money responsibly.

It's understandable that parents don't want to burden their children with their own worries. But that doesn't mean that the topic of money should be kept quiet.

Children can usually sense exactly when something is wrong in the family. Even if there is little or no talk about the subject. What's more, children are usually also affected by financial hardship because, for example, there is no money for a trip or a new pair of jeans.

This makes it all the more important for parents to have an open conversation when money is tight. This helps to bring the family closer together and look for solutions together.

Honestly dealing with financial challenges shows children that such phases are part of life. They learn that you can find solutions together: An evening watching TV together can be just as enjoyable as a trip to the movies, and second-hand sneakers might be available for half the price if you look patiently.

Emphasize that financial problems can pass, that there is a concrete plan to improve the financial situation again and that you will stick together as a family even in difficult times. It is particularly important that you convey a confident attitude. Statements such as "We can do this together" give children a sense of security.

Describe to young children that the family will have to do without some things for a while because the money is needed for more important things. If your children are already of primary school age, you can, for example, draw up shopping lists together and compare prices in the supermarket. Explain that they should only buy what they really need to get by on the available budget. If your children are already teenagers and ask questions, describe the financial situation in more detail and look together for ways to save money and find solutions to get out of the financial crisis.

Children always feel involved when they can actively help shape the situation. Let them have a say in how the available family budget is used and ask questions such as:

• What is more important to you: a good time on a family outing or a new item of clothing?
• If you only have enough money for one hobby: "Which hobby can you definitely not do without?"
• If only two wishes from the birthday wish list can be fulfilled: What would you be most happy about?
• What leisure activities do all family members enjoy without them costing a lot? For example, a games evening at home or a family picnic in the park.

With an open and confident attitude, you as parents can do a lot to help your children deal with the situation and emerge stronger from difficult times: