Talk with teens about the family’s economic situation

By Colleen Gengler, University of Minnesota Extension

ST. PAUL, Minn. (4/6/2009) — No one can escape news about the economy, including teens. It is important to talk with your teen about the family’s economic situation, especially if there is a need to cut back on expenses or to adjust plans.

Often parents view teens as living in their own world. It’s true that teens might be preoccupied with what’s going on at school, with friends, and in other areas of their life. But, teens are perceptive. If a parent or other family member is worried or concerned about the family’s finances, teens will pick up on that. If not told what is going on, they may suspect a much different circumstance than really exists.

A job layoff or loss is one of the most serious circumstances. Parents will need to sit down with the entire family to explain the job layoff or loss simply and directly. Be honest about unemployment benefits as well as the potential or lack of potential for a return to the job.

For this and other situations where income has been reduced or where savings are affected, parents need to discuss what it means for the family as a whole. Are there immediate things that will be affected, such as eating out, transportation or other day to day expenses? Parents will also want to discuss how future plans might be affected. For example, if a weekend trip, summer vacation or upcoming family purchase is affected, it needs to be discussed.

Teens are concerned about what impacts their life, including allowances, expenses for clothing, personal care, items for school, or fees for various activities for which parents have been paying. If there is a need for adjustments, a one-to-one talk might be advisable.

Although teens may be concerned most about what affects them personally, do not underestimate their capacity for concern about the entire family. Children, including teens, can be asked about what they can do to help. Rather than the parent coming up with ways the teen can reduce spending, ask the teen. Give them some time to think creatively about how they can contribute or what can be done differently. To start, suggest they track expenses to see where the dollars are going.

Teens will take their cue from parents in how to deal with reduced income or changing family finances. Parents will want to model a proactive, problem solving approach, including a positive but realistic outlook as they talk about financial uncertainly.

Any use of this article must include the byline or following credit line:
Colleen Gengler is a family relations educator with University of Minnesota Extension.

Media Contact: Catherine Dehdashti, U of M Extension (612) 625-0237, ced@umn.edu

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URL: http:// www.extension.umn.edu/extensionnews/2009/talk-with-teens.html This page was updated April 6, 2009 .
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