Worried about money?
Ways to keep your kids from feeling your stress
When it comes to parents and children, money stress can be contagious.
That’s what Amy Weimer, director of the School of Family and Consumer Sciences at Texas State University, found when she and a colleague studied 60 children last year. They were more likely to report feeling worried if their parents were experiencing long-term financial stress.
1 Talk about money
early Talking about money with children during neutral moments can help establish a comfort level with financial discussions, says Justin Rush, a certified financial planner and founder of JGR Financial Solutions in Canton, Ohio.
On a recent drive with his son, a seventh grader, and father, the trio started talking about the price of a McDonald’s Big Mac, which led to a conversation about inflation. Those kinds of chats can lead to discussions about budgeting and other financial lessons, Rush says, which sets a baseline for speaking about money with ease.
2 Learn together Sometimes learning about finances can be a family project that benefits both parents and children, according to Kimberly Watkins, assistant professor in financial planning at the University of Georgia.
Watkins suggests using the “Money as You Grow” website from the Consumer Financial Protection Bureau for ideas on topics to explore together. Your bank or credit union might offer additional online resources to help your family, she adds.
3 Be straightforward about financial
hardships For parents going through a particularly stressful time such as a job loss, Weimer suggests sharing the news in an age-appropriate way rather than trying to mask it.
“It might seem counterintuitive, but by sharing more about money, your children will feel less anxious,” says Gregg Murset, a CFP and CEO of BusyKid, a debit card and chore app for kids.