The "Worried Generation"

The recession has families from all socioeconomic groups constantly monitoring their finances, stability of their employer and the needs of their family. Families who have faced lay offs, the loss of their homes and cars are learning how to start over again. These changes have children struggling with the stress of their parent’s financial concerns, changing schools and making new friends.

A nationwide survey by Wakefield pollster reports 74% of parents say the recession has increased stress in their families and 33% say their children have voiced their concerns about the economy. “Children whose parents feel fiscal anxiety are four times more likely than other children to feel upset about family finances.” Children are stating that they feel lonely and that there is no one to talk to about their family’s financial situation. Some specialists have labeled children of today the “worried generation”.

For some families a tighter budget can teach healthy lessons in the value of saving and learning the difference between “wants” and “needs”. Parents can spend time teaching their children how to comparison shop and get the most value for their money. They could also start their children with a weekly allowance for their chores and then have them use the money to buy items they may want. This would allow them to see how many weeks they have to work before they can purchase the item. This can also help children develop an appreciation for what they have.

Children learning how to cope with stress need a lot of support from their parents. Encourage your children to verbalize their fears and then normalize the situation as they have a tendency to exaggerate their fears. Then teach them how to cope with stress by to identifying healthy ways to release their stress with exercise, music, writing in a journal, reading or talking to a friend. This will empower them to search for answers to help themselves. It is impossible to predict the recession’s impact on children but we can help prepare them to adjust to whatever obstacles that they may face on their life journey.