Don’t Keep Kids in the Dark During Economic Downturn

The impact of the economic crisis on our kids is an important issue; but as well as explaining the situation carefully to children, it’s also essential to realize that they will have probably figured out a lot of what’s going on before you get around to telling them. Don’t forget that when you were a child, you understood a lot more of what was happening around you than your parents thought - well, these days kids are just as smart.

The New York Times recommends not keeping kids in the dark, even if you think you’re trying to protect them. Sharing the family’s economic concerns with them could even make things easier - they won’t be complaining about wanting a new computer game if you’ve explained to them that one of their parents is in danger of losing their job, so you all have to spend a little less. Surveys have shown that a surprisingly high number of teenagers - up to 75% - understand the credit crisis well enough to see its impact on their family.

At the same time, as well as mentioning the current threats, you should also discuss the plans you have to survive the downturn in the economy. That is, be realistic, but don’t make your kids terrified. And above all, don’t assume that they won’t understand, because they’ll probably surprise you.