As the persistent cost-of-living crisis continues to make headlines and dominate conversations, it’s becoming apparent that some children are tuning into their parents’ concerns. Surprisingly, The Guardian has revealed four in five young people aged 10 to 17 have significant concerns about impact of cost of living crisis on their families.
While we can’t always shield our children from distressing news, there are proactive steps we can take to engage them in the conversation and ensure they grasp the full scope of the situation. These efforts can go a long way in alleviating their concerns.
1. Foster Open Communication
Your children may be more attuned to global issues and your emotional state than you realize. It’s crucial to initiate candid conversations about current events, as this can prevent their financial worries from festering in silence. By regularly discussing money matters, you help your children understand why budgets may be tighter and encourage them to express their concerns or questions.
2. Empower Them
If your family is making adjustments or cutting back on certain expenses, involve your children in the decision-making process. Explain why these changes are necessary and how they can contribute. For instance, with rising energy costs, teach your child the importance of turning off lights when leaving a room. Quantifying their contributions and explaining the reasons behind them can empower them and make them feel more in control of the situation.
This approach can also instill responsible spending habits. Help your children distinguish between wants and needs, and involve them in discussions about why you’re forgoing certain luxuries while prioritizing essentials. You can even extend this practice to their pocket money by setting budgeting challenges, encouraging them to allocate funds for both a luxury and an essential item.
3. Embrace a Family-Oriented Approach
In times of change, it’s essential to make your children feel included and considered. Sudden shifts in routines may exacerbate their worries, so involve them in decisions regarding household changes. Ask for their input on which luxuries to forego and which to retain. Consider conducting family votes to determine which subscription services or outings to prioritize.
These small yet conscious discussions can work wonders in helping your children feel in control and connected to the issues that impact them. While it may be challenging in the short term, these actions contribute to raising financially independent and responsible adults.
How do you approach conversations about the cost-of-living crisis with your children? If you have additional tips to share, feel free to reach out to us via direct message on Twitter, Facebook, or Instagram! Your insights are valuable.