Kids, Money and Family Stress
With the economy affecting households of every income bracket, the topic of money is definitely on the minds of moms and dads across the country. Whether it’s dealing with a layoff or cutting family expenses, at some point, parents will need to explain to their kids about the changes occurring around them.
Child development experts agree that being honest about money woes—without telling kids more than they need to know—will help foster a healthy home.
So how do parents feel about this? A recent study conducted by the Marist College Institute for Public Opinion suggests that parents see this as just more added stress. According to the study:
For nearly six in ten Americans, talking to kids about money increases family anxiety while 28% say it alleviates it.
The study also found that younger parents (under 45 years old) were more likely than older parents to be stressed out about talking to their kids about money issues.
For our number-loving friends, here are a couple of tables:
Talking to Children About Money Adds or Reduces Family Stress?
Good Age to Talk to Children About Money?
So what is the opportunity here for youth marketers and educators? Help mom and dad alleviate the stress. Provide age-appropriate tools to help them talk to their kids about money. Games, puzzles and stories that bring financial literacy into the home can go a long way in developing meaningful relationships with parents and your brand.