From the Children's Mercy Healthy Kids Corner publication:
Many parents are saying 'no' to extras for their kids as they watch their wallets. But how do you explain this lifestyle change to kids?
Ed Christopherson, PhD, a clinical psychologist with Children's Mercy Hospitals and Clinics, says parents sometimes spend more time talking to kids about money, or the lack of it, when they should be modeling good money management.
"Children already know about the economic turmoil; they see it on TV and hear it on the radio," says Dr. Christopherson. "This is a chance for parents to set good examples for their children on money management."
Dr. Christopherson recommends setting up an allowance for a child, agreeing on how much the child will earn and what they can buy with the money. He also suggests taking time to teach kids the power of saving and earning interest, by paying kids once a month, and perhaps adding a few extra bucks in intersting for keeping their money in a savings account.
Dr. Christopherson warns parents to avoid fighting over money in front of their children. Instead, he encourages them to spend time showing kids how to work through problems.
"What the kids need to see is not just that a job was lost, or a home or car was repossessed, but they also need to see how mom or dad or both work their way out of that situation," Dr. Christopherson says.
For more information about Healthy Kids Corner or how to receive them by email, contact Jessica Salazar at (816)346-1236 or email her at jmsalazar@cmh.edu.
