“It could seem catastrophic to some, while [in others] it could trigger guilt about not being able to help or support their parents.”and essentials in the two weeks up 20 November which provides everyday essentials to children, says: “If children can understand that so many of the current financial difficulties are out of the direct control of their parents this may reduce the stigma they might feel and make them feel less alone in their individual situation.
Kate says her experience has impacted her approach to parenting her daughter. “There is a delicate balance to strike between being truthful with our children when needed and making them feel responsible for solving financial problems.”Psychologist Joshi says sharing the issues in a way that is not overwhelming will help them feel informed and involved without burdening them – as Kate experienced.
Hill says there are ways of being honest without causing unnecessary anxiety: “The more you can talk to them about why things like higher bills mean other activities may have to be put on hold, the better they will understand and feel empowered that they are part of these more ‘grown-up’ conversations.”
In 2013 behaviour experts from Cambridge University found that our money habits are basically formed by the age of seven. The study said that adults should start teaching children good money habits as soon as they learn that money is used to buy things.
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