“Kids are amazingly resilient. If important information is presented to them in the right way, they’ll do fine in just about any situation,” said Brown, dean of the College of Health Professions.
The best way is to be open and honest, he said. Don’t overwhelm kids, but don’t shelter them either.
“If your financial situation has become difficult, you definitely don’t want to say things like, ‘I don’t know where our next meal is coming from.’ You can explain the situation without scarring them,” he said.
Brown suggests framing the holidays as a time for family togetherness, rather than focusing on material gifts. He said what children most want is to know they can count on their parents to be available and supportive.
“Explain to your children that while there may not be as many presents this year, there’s always time to do things as a family. Take a walk, play a board game, donate to a charity — these are all great things that parents can do that are cheap but can still be fun for their children,” he said.
And as a New Year’s resolution, Brown said this is a great time for parents to teach their children about how to take care of their money.
“Children are a mirror of their parents; what you do reflects in them,” he said. “Ultimately, if you show them that you can effectively manage your money, it will set them up for financial stability when they get older.” |
