Childhood is the carefree and beautiful phase of our lives, as all of their responsibilities are taken care of by their parents or caregivers. They don’t need to stress about how their parents will work out to take care of the expenses and how they manage their finances. Most of us believe that kids don’t understand the finances and they remain unfazed if their parents go through any financial crisis. However, this is not how child psychology works.
How Can Financial Issues Affect Parenting
Though finances are dealt with by the adults and children are not directly involved in financial emergencies like losing a job, missing EMIs but that doesn’t mean that financial troubles or strained finances don’t affect children. In fact, pediatricians and mental health specialists suggest that a family’s financial woes equally affect children and parents should take special care of their children during this kind of phase as they can suffer from excessive fear, unwarranted anxiety, and depression. It is hard for the children to see their parents struggling to make ends meet and discussing the woes and fears that may come true if they fail to pay the bills or debts on time. This kind of stressful environment at home leads to the development of moody behavior, increased aggression, inexplicable illness, and poor academic performance.
Talking To Children About Financial Crisis:
Telling your younger children clearly and in simple words about the financial crisis that you are facing and what you can expect in the coming days is more beneficial. The straight descriptions help them understand the details of how the financial crisis will affect their belongings and what will happen to their routines. Children are very attached to their toys and other things. They feel secure following the daily routines. They trust you and look up to you to know about how they should feel about the situation and whether they should be worried about it or are they safe?
Children at about six years and above are increasingly involved in discussions. They can anticipate crises and that can effectively serve their intended function of preparing them. One useful lesson that children can learn from difficult circumstances is that families pull together – although parents need to clearly convey that they are ultimately responsible for managing the situation and that they are figuring out how to do that.
All children benefit from opportunities to express their feelings through words and/or play, from patience in the face of their negative emotions, and from the feeling that they are understood. Research shows that steady, responsive, sensitive parent-child relationships can buffer children from the effects of excessive stress and can promote children’s own sense of competence and effectiveness.
How Can Parents Lower The Effects of Financial Stress On Children:
Now that you know how can financial crisis affect parenting, let's get to know how you can lower the stress of it on children. It is not easy for children to understand the real picture of family finances and money management and they may end up developing an exaggerated picture of the real problem. For example, they may develop a fear of becoming homeless when the situation isn’t going to get that worse.
Hence it is necessary for parents to observe some precautions while talking about finances in front of kids. Following suggestions can prove to be helpful to the parents:
Parents should not underestimate the thinking capabilities of the kids. They should always be open to having age-appropriate conversations with children about financial problems. This will help them to get the real picture of the situation to perceive and will save them from unnecessary fears and anxiety.
Make your kids feel loved and valued by telling them every now and then that they are very important for you and you treasure them the most in your life. This will help them in understanding that the integrity of their world will remain intact no matter what the situation is. Make them feel secure so that they can understand that financial problems should cut on material things, but not on love, affection or emotional support in the family.
Use the financial crisis as a learning experience for the family. Teach your kids about the importance of money management skills and using their resources in the best possible ways.
You may not have control over your financial pressures and problems but with little love and proper care and precautions, you can help your children survive the times of financial crisis without developing any unnecessary fears and anxiety.