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Is It Wise To Explain Your Financial Problems To Your Kids? - Family - Nairaland

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Is It Wise To Explain Your Financial Problems To Your Kids? by leMuhito(f): 12:14pm On Oct 01, 2011
It can happen to you! Businesses close down due to recession; people get sacked or lose some relation who granted them financial support previously.

At this bad time, Is it wise to explain to kids? I need your views on this.

Read this: Explaining Financial Problems to Your Kids
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by ifyalways(f): 12:57pm On Oct 01, 2011
Occasional pray for Mommy and Daddy biz to prosper/God bless mommy and daddy?Yes but If you mean telling kids about the bad turn over?NO for me,unless the kids are above 16 years.

My opinion.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by kleenmum(f): 1:05pm On Oct 01, 2011
First you should consider the ages of the kids involved but if they are in their teenage years and above then its ok to let them know a bit you might keep some information so as not to keep them thinking and even while telling them that things are not like it used to be you are also teaching them the real world so they can also be wise in the financial decisions they make.  es
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by OYINBOGOJU(m): 1:08pm On Oct 01, 2011
Never will i tell them, PICK UP THE PISCES OF YOURSELF AND MOVE ON TO THE NEXT STEP.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by leMuhito(f): 1:48pm On Oct 01, 2011
Never will i tell them, PICK UP THE PISCES OF YOURSELF AND MOVE ON TO THE NEXT STEP

But they are part of the family and needs to know why mummy and daddy do not take them out shopping or travelling any longer!
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by OYINBOGOJU(m): 1:51pm On Oct 01, 2011
That is where understanding comes in, and the mother have a lot to play in that regard.

But as the Father i will never open my mouth to say such thing.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by leMuhito(f): 1:56pm On Oct 01, 2011
That is where understanding comes in, and the mother have a lot to play in that regard.

But as the Father i will never open my mouth to say such thing.

I really like your stand on this but I'll love to handle some critical aspect of explaining to my kids about the current financial situation. I don't think it would lower my respect as a father and as the head of the family.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by tpia5: 7:46pm On Oct 01, 2011
If money is scarce the kids will know anyway.

Not sure how you can hide that.

I was in such situations while growing up and we mainly just cut our coats according to our sizes. No frivolous shopping, fewer clothes which incidentally also meant easier housekeeping, meals are also simpler, and you frequently had to walk instead of taking a taxi. Sometimes a car might be available but more often not.

Well, its bad but stuff happens and thats why prayer is essential.

It also helps if you dont move with rich people who will look down on you without bothering to help in any manner. If you stick to friends who arent judgemental, that helps a lot.

Now, for the parents, well you just have to sit down and figure out ways to legally improve the family's income. Especially if you were high earners before.

Very emotional and disturbing topic, i agree.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by horny4u(f): 8:58pm On Oct 01, 2011
ifyalways:

Occasional pray for Mommy and Daddy biz to prosper/God bless mommy and daddy?Yes but If you mean telling kids about the bad turn over?NO for me,unless the kids are above 16 years.

My opinion.

I agree with Ify

Its important that kids have an abundant mindset and feel that all is well and possible.
If they want something that you cannot get just then your fortune will change for the better simply tell them to ask the Almighty and trust that he hears and supplys.
Its important kids believe all is possible and well, they are unable to offer therapeutic solutions or agony advise but they say a prayer on your behalf, and great lesson to them on looking up for supply as thats where it comes from,

Just my opinion.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by sparkles1(f): 7:18am On Oct 02, 2011
Sure,you can only if the kids are old enough to understand.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by maclatunji: 9:07am On Oct 02, 2011
You should but put it in a mature manner. Losing money or being economically-challenged is not a crime.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by freecocoa(f): 9:24am On Oct 02, 2011
IMHO,I think its wise to let them in on it but their age should be put into consideration as to make sure they'll be able to understand the situation well.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by homerac7: 11:49am On Oct 02, 2011
whats all ds thing abt " if they r teenagers" or young adults? hav we sooner stopped how intelligible we were as very young kids? stop insulting kids intelligence here as if u were never one before. it will surprise u how understanding ur "kids " can be if only u can find d proper way to explain the situatuion to them. they even may accept it better that smany supposed adults since they view issues wt much innocence.

remember when i was in primary 5 (about 10 years old), a new kid joined my class. he was much "tusher", than we local kind in d semi-urban public primary school we were attending. he was a loner because he was trying to adjust to his new "status" and not just environment. i befriended him and found out dt he was a Lagos middle class born and raised kid who was attending private school until his father's sudden loss of job, mother died and home loss. the dad had to scrape up things together and borrowed to get then to the cheaper community and placed him and d sister in a public primary school. now, d msg is ds; till we left primary six after abt two years of very close friendship, he never for once blamed d father for his relagated comforts, rather, he was always telling of how his father goes extra miles to see to their needs. he had so much respect and understanding for d father. i can go on and on telling of instances he will avois spending his pocket money so dt he wont hav to burden his dad wt little levies, and many other things. i think his father's decision to explain d full circumstances to d young kids helped bond them stronger and made them more responsible, empathetic and matured in their reasonings.

i therefore advocate that the kids be told but only in very manner that will make them understand and still fell protected.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by N101: 2:17pm On Oct 02, 2011
homerac7:

whats all ds thing abt " if they r teenagers" or young adults? hav we sooner stopped how intelligible we were as very young kids? stop insulting kids intelligence here as if u were never one before. it will surprise u  how understanding your "kids " can be if only u can find d proper way to explain the situatuion to them. they even may accept it better that smany supposed adults since they view issues wt much innocence.

remember when i was in primary 5 (about 10 years old), a new kid joined my class. he was much "tusher", than we local kind in d semi-urban public primary school we were attending. he was a loner because he was trying to adjust to his new "status" and not just environment. i befriended him and found out dt he was a Lagos middle class born and raised kid who was attending private school until his father's sudden loss of job, mother died and home loss. the dad had to scrape up things together and borrowed to get then to the cheaper community and placed him and d sister in a public primary school. now, d msg is ds; till we left primary six after abt two years of very close friendship, he never for once blamed d father for his relagated comforts, rather, he was always telling of how his father goes extra miles to see to their needs. he had so much respect and understanding for d father. i can go on and on telling  of instances he will avois spending his pocket money so dt he wont hav to burden his dad wt little levies, and many other things. i think his father's decision to explain d full circumstances to d young kids helped bond them stronger and made them more responsible, empathetic and matured in their reasonings.

i therefore advocate that the kids be told but only in very manner that will make them understand and still fell protected.

Thank you for this.  People seem to think child = not intelligent.  All it requires is explaining things to children in a way they can understand.  That does not make anyone a bad parent. Nor does it mean a child will lose respect for the parents - in fact how the parents handle hardships will gain more respect from the child.

Children will always be able to figure out these things even if we think we're sheltering them from reality.  Our hardships are part of reality, even in a child's world.  Children can observe things and are smart enough to know when adults are hiding stuff from them in the name of "protecting them".
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by yogun(f): 3:02pm On Oct 02, 2011
I don't think you shld tell them depending on their age you can explain to them that you'll need to cut down on d expenses so as to provide the basics in worse case scenerio. & also always pray abt it so that God can intervene. At some point, we all pass tru financial difficulties in our homes but we can sail tru by setting our priorities right all over again. The Lord will help us all
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by Outstrip(f): 6:11pm On Oct 02, 2011
The parents finacial situation should never be the childrens problem. It is not their issue to know if there is plenty or not. The only time that it would be obvious s if someone end up under a bridge somewhere
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by obowunmi(m): 6:30pm On Oct 02, 2011
@ OP: kids are not stupid, they will know anyways. HOW you inform them is where the issue is, I think children should know and you can tell them how you intend to solve the problem in the mean time. Communication is key, HOW you inform kids is what matters , Also parents should not be complacent or passive aggressive about issues.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by Nobody: 8:32pm On Oct 02, 2011
if parents use to give abundantly and now dont have the means to do so then they MUST let their children know that the river has run dry and that life will change:
- sorry baby, times are hard for daddy at work now so we cannot buy the Kelloggs Krispies any longer but we have to do with the (less crispy) WallMart brand.
- sorry baby, we can't buy any new games for your Playstation3 but you can sell the games you have to buy newer one (or simply part exchange them for used games).
- sorry baby, we can't go to Disneyland this year, but we are going to a family picnic with X, Y and Z and i promise you we will have 3 times as much fun as in Disneyland!

and if they are teenagers then they should know the value of money by then, so let THEM go and get a damn job, especially if they are asking for Iphones 4 or $500 pair of sneakers!
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by slimyem: 9:22pm On Oct 02, 2011
children arent dumb and can be very understanding is the message is passed along the right way.
I remember the times i got sent out of school because i didnt pay school fees but somehow i knew if it wasnt beyond my parents,i'd be in school.
Countless times,i had to trek to and fro school and i understood it wasnt because my parents didnt love me but because they couldnt afford it.
There's so much more to recall but the bottomline is-children can be reasonable if you want them to be
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by Otunbakay(m): 11:04pm On Oct 02, 2011
Are parents not d greatest heroes of their children? Whaterver! no excuses men, just do what u gat 2 do, 2 give them the best u can afford.

/n/n/
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by delpee(f): 11:40pm On Oct 02, 2011
No big deal. My kids always know our financial status and how to survive under any condition. Its made them to be more considerate and more mature in reasoning. No child is too young to be informed albeit in different ways depending on the age. Its good for everyone.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by Nobody: 2:54am On Oct 03, 2011
My view is that kids need to be told in a way they will understand. My wife and I tell our 3 year old so she now understands she cannot go shopping or go to the cinema all the time. This has helped us all bond together as a family.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by john6006: 7:08am On Oct 03, 2011
Telling them is like poisoning joy.
The children's understand better sometimes .
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by N101: 1:13pm On Oct 03, 2011
delpee:

No big deal. My kids always know our financial status and how to survive under any condition. Its made them to be more considerate and more mature in reasoning. No child is too young to be informed albeit in different ways depending on the age. Its good for everyone.

That is always the best approach. Once children understand the financial situation in their own way, they won't be making the same demands they would make when things were financially better.

Unfortunately a lot of children do not understand the words "no" and "not now".
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by Dsage1: 6:42pm On Oct 03, 2011
At times kids kno more dan wat u expect 4m dem,some kids naturally kno wen der parents were broke/unhappy.Its gud to tell ur kids financial situation especially wen u're broke.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by ronkebp(f): 7:06pm On Oct 03, 2011
there is nothing wrong in letting the children know the situation of things in the home.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by agog: 11:16am On Oct 04, 2011
Children will always be able to figure out these things even if we think we're sheltering them from reality. Our hardships are part of reality, even in a child's world. Children can observe things and are smart enough to know when adults are hiding stuff from them in the name of "protecting them".[quote][/quote]
You spoke my mind in this. If they are carried along with what is happening in the house, they are lesser likely to fall to outsider enticements (in the case of teen girls). They also pray for Dad and Mom situations to be changed.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by Outstrip(f): 1:28pm On Oct 04, 2011
agog:

Children will always be able to figure out these things even if we think we're sheltering them from reality. Our hardships are part of reality, even in a child's world. Children can observe things and are smart enough to know when adults are hiding stuff from them in the name of "protecting them".

You spoke my mind in this. If they are carried along with what is happening in the house, they are lesser likely to fall to outsider enticements (in the case of teen girls). They also pray for Dad and Mom situations to be changed.

The money in her parents account should not be an issue with this. proper upbringing is what will make her choose not to be a prostitute.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by Nobody: 11:11pm On Oct 05, 2011
^^^well said!!!
being poor has absolutely nothing to do with prostit.ution.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by leMuhito(f): 9:55am On Dec 07, 2011
I aggree with MRbrownJay, being poor has absolutely nothing to do with prostit.ution.
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by lolaluv1(f): 3:07pm On Dec 07, 2011
Back then, there was certain time things hit a hard note financially. My dad was trying to finish up an unfinished project, so he called my brothers and I (we were teenagers) and he told us he would deny himself to cater to us but we should also understand if he sometimes has to cut down on some of our material demands, because things were not really working well financially. He told us to be patient, that things will be ok again.

This was the same 'my dad' who previously told me when I was resuming Uni that anything I needed, I didn't have to ask anybody but him. And who also backed up that promise with the necessary actions.

So I knew that it wasn't like he didn't want to provide, he'd just fallen on hard times.

It really made me to love and respect him the more. Consequently, I was very happy and content with my few cloths and it's become a habit NEVER to ask anybody for anything!!!
Re: Is It Wise To Explain Your Financial Problems To Your Kids? by fizanos(m): 5:20pm On Jan 01, 2012
lola.luv:

Back then, there was certain time things hit a hard note financially. My dad was trying to finish up an unfinished project, so he called my brothers and I (we were teenagers) and he told us he would deny himself to cater to us but we should also understand if he sometimes has to cut down on some of our material demands, because things were not really working well financially. He told us to be patient, that things will be ok again.

This was the same 'my dad' who previously told me when I was resuming Uni that anything I needed, I didn't have to ask anybody but him. And who also backed up that promise with the necessary actions.

So I knew that it wasn't like he didn't want to provide, he'd just fallen on hard times.

It really made me to love and respect him the more. Consequently, I was very happy and content with my few cloths and it's become a habit NEVER to ask anybody for anything!!!

I've gained from your story Lola. Thanks for sharing.

For me, with all the current situation in Nigeria- Fuel subsidy removal, loss of job, economic recession etc, It is very wise to carry the kids along.

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