It’s no secret that the rate of inflation has been rising at a rather fast rate in the past few years. The out-of-the-blue price hikes- for both goods and services- have driven the majority of families into financial difficulties.
While it’s okay to discuss money troubles with life partners or friends, many parents don’t realize that kids are impacted too. Sure, they might not be paying any utility bills or worried about losing any jobs. But they still worry when their families go through financial hardships. The following post sheds more light on this subject and provides a few coping tips.
Impact of Financial Stress on Kids’ Mental Health
Financial stress affects kids in different ways. It can cause them to:
- Feel humiliated for lacking certain things or being unable to engage in the same activities as their friends
- Be hesitant about asking for food even when they’re hungry
- Experience guilt for wanting specific items even when they deserve them
- Worry about having to relocate or change school because of the family’s financial woes
- Learn to persevere in toxic relationships from their parents due to financial hardships
The embarrassment, constant worry, insecurity and inability to voice their needs can lead to negative thinking and behavioral patterns in your child. To avoid this, here are a few hacks to help your child cope with the family financial situation.
The Next Steps
If you’ve noticed your child becoming excessively worried because of the financial struggles the family is going through, there are a few things you can do to help.
Talk to Your Kids
Most parents avoid talking to their kids about money troubles. While their intention is to protect them, this usually ends up worrying them more. Instead of keeping the situation under wraps, loop your kids in. This will put them more at ease.
But before you do, ensure that you and your partner are on the same page in terms of the details to be shared.
Highlight the Problem and the Solution
While it’s important to loop your kids into the situation, you should avoid causing them more worry. The idea is not to put them in a panic mood but to relieve them of unnecessary stress.
One way to achieve this is to highlight not just the problem but also potential solutions. You can say, “we might not have enough money right now to do xyz, but we have a plan to resolve this.”
While you’re at it, don’t forget to address their emotions of worry and guilt. Let them know that they’re not to blame for anything and that they can still ask for the things they need.
Use This as a Teaching Opportunity
There’s no denying the fact that financial hardships are a stressful period for parents. However, something positive can come out of this.
More specifically, you can use your struggles to educate your kids about money. This way, they can start learning important financial concepts, which they’ll apply later in life. Examples of these concepts are:
- Budgeting
- Saving money
- How to leverage sales and discounts
- Emergency funds
- Use of credit cards
Conclusion
We all go through financial hardships at one point in life. However, it’s important to protect kids from the stress that stems from such struggles. The best way to do this is to talk to them about it. Explain the current situation and the steps you’re taking to resolve it. Similarly, reassure them that the situation is just temporary.
On your part, you should also have a positive mindset. If your kids see you distressed, they’ll worry regardless of what you tell them. So be optimistic and hopeful “Consider the ravens: they neither sow nor reap, they have neither storehouse nor barn, and yet God feeds them. Of how much more value are you than the birds!” (Luke 12:24)
