Talking with Your Kids about the Financial Impact of the COVID-19 Outbreak 

The life changing events brought about by the recent COVID-19 (Coronavirus) outbreak effects the entire family. The Coronavirus has not only disrupted our everyday lives but added a great deal of stress, worry and uncertainty about what the future holds.

Schools and day care facilities are closed, and children are home. Many parents are working from home trying to juggle work and kids while we all practice social distancing. Others are coping with layoffs and furloughs from their jobs and are trying to figure out how to pay the bills. Working or not, everyone is wondering how long this disruption will last.

Talking with your children about the impact of the Coronavirus on your family is important – both what you are doing to keep them safe as well as the financial challenges you may face due to job loss or reduction in income.

Kids are smart. If you are upset or concerned, they usually can tell. Open communication is the key in helping children cope with and feel secure during challenging times. Involving children in financial conversations can help bring a family closer together. Plus, difficult times present opportunities to teach kids about money.

Here are some ideas compiled by Town & Country FCU:

You may not have all the answers but be honest and explain what you do know.  Be sure to provide plenty of reassurance that you will all get through this together. The important thing is to keep talking.

Other Thoughts……

The Coronavirus outbreak can provide other teachable moments with children.

You can offer your kids a fresh perspective by teaching them the importance of helping people in need, as well as the importance of accepting help when you are in need.