money talks
When Families Face Financial Crisis
In today’s economy, many families are struggling to make ends meet. When parents lose jobs or find themselves in serious debt, they often worry about how much to tell their children. If you get behind on bills or are facing foreclosure, what’s the best course of action to take?
- Sit your family down and have an open discussion.
- Keep this information private, so your children won’t worry.
- Only provide your family with information on a “needs to know” basis.
“A” is correct. Studies have shown that children respond better when you’re honest with them and allow them to take part in a solution. Calmly explain what has happened and how you plan deal with it. Also reassure them that things will ultimately work out. Kids who see their parents master financial challenges learn personal discipline and teamwork.