When Tough Times Affect the Kids

Read Sue Schellenbarger’s article in The Wall Street Journal today. She has some terrific points about how we can talk to our kids about how the current financial crisis is affecting our families.

Here’s a snippet:

“A 20-year study of 450 families with school-age children who were hit by a deep Farm Belt recession in the 1980s shows the psychological impact on kids can be signifcant and enduring. Rand Conger […] at the University of California, Davis, and others, found financial woes often fueled anxiety, depression, behavior problems and poorer peer relationships in kids. […] The most successful families in Dr. Conger’s study were those who ‘managed to keep their priorities on the family itself,’ remaining close and working together to solve problems, he says. To his surprise, kids didn’t seem to mind that they lacked spending money.”