How to Talk to Your Kids About Coronavirus & Saving Money

The panel included Rod Griffin: Director of Consumer Education and Awareness at Experian; Lacey Langford: The MIlitary Money Expert; Todd Christensen: Education Manager at Money Fit by DRS; Take Charge America; American Consumer Credit Counseling; Beverly Harzog: Credit Card Expert and Consumer Finance Analyst for U.S. News; Alicia R. Hudnett Reiss: CERTIFIED FINANCIAL PLANNER™; Joyce Brewer: Emmy award-winning TV Journalist; Kiddie Kredit; Kayse Kress: Director of Financial Planning at Physician Wealth Services; Brian Haney: Vice President, The Haney Company; Andrew Chen: Founder, HackYourWealth.com; and Sean Gillespie: Financial Advisor.

Questions We Discussed:

• Q1: What are some concerns kids have about coronavirus?
• Q2: How should family or teachers discuss this situation with kids?
• Q3: What are some ways for parents to balance working from home and spending time with kids?
• Q4: What are some financial topics that should be talked about with kids during COVID-19?
• Q5: What are some creative ways to teach kids about saving money or paying bills?
• Q6: How can parents model proper financial behavior to their kids right now?
• Q7: How do you help kids address their fears (and how should parents respond)?
• Q8: What are some ways to help kids stay connected with friends and family?
• Q9: What are some fun, low-cost activities parents can do with kids while everyone is home?
• Q10: How can parents help kids feel more loved and taken care of during this difficult period?
• Q11: Any last-minute tips to help parents support their kids during this time?

How long do you expect #COVID19 to impact our finances? #CreditChat

— Experian #StaySafe (@Experian) April 8, 2020

Retweet these insights from our community:

A1:

A1: Kids pick up on our vibes. If you feel anxiety (and I know it’s hard not to), kids will worry more. Kids need to know their home is a safe place know matter what’s going on in the world. #creditchat https://t.co/sp5SBdHiUR

— Beverly Harzog (@BeverlyHarzog) April 8, 2020

A2:

A2. I think teachers and family should be honest first but also make sure to explain the reasons why we stay home and why it’s so important we stay safe and do our part so everyone can be healthy. #CreditChat

— Nicole Perez (@nicole_perez1) April 8, 2020

A3:

A3: If you’re working from home, you’re probably saving time not having to commute to work. Take that time to sit down and have breakfast with your kids before you start working. Take a break and have lunch with them. Maybe even play for a few minutes here and there. #CreditChat

— Sarah Lai (@_SarahLai) April 8, 2020

A4:

A4: I believe financial literacy should be taught as early & as often as possible. But, certainly during this time, if you are under financial strain, you may need to discuss any changes that may need to take place, like cutting back on certain expenses. #CreditChat

— Alicia R. Hudnett Reiss, CFP® (@AliciaRHudnett) April 8, 2020

A5:

A5: Considering my 8yo opened up an in-home yoga studio and massage salon and is charging membership fees, I don’t think she needs help. 🤣 At least she’s collecting the money to donate to the local animal shelter. Here she is at her reception with “upsell” packets. #creditchat pic.twitter.com/YdUtVpNDnG

— Dr. Amanda Holdsworth, APR (@HoldsworthComm) April 8, 2020

A6:

A6: Let them see you setting a budget, cutting expenses. They may not listen to what you say, but they definitely watch what you do. #creditchat

— Rod Griffin (@Rod_Griffin) April 8, 2020

A7:

A7: Ask what exactly they’re afraid of so that you can understand their thought process before offering a rational response. I keep everything real with my kids but choosing words carefully can either calm them or incite fear. #CreditChat

— HangryMom1 (@HangryMom1) April 8, 2020

A8:

A8. In addition to FaceTime, social media, emails and video chats, encourage good old-fashioned letter writing! Friends and family will love getting mail right now (be sure to ask them to return the favor so your kids get some in return). #creditchat pic.twitter.com/neLw2qwx0r

— Take Charge America (@TCAsolutions) April 8, 2020

A9:

A9: my daughter has us playing “Chopt” where we get 5 ingredients and have to make a meal in under 30 minutes #creditchat

— The Haney Company (@TheHaneyCompany) April 8, 2020

A10:

A10: Listen to them and give them a safe space to talk about their fears/concerns. Try to set up fun things to do with them, and give them ways to connect with friends safely. #creditchat

— Janet Alvarez (@janetonthemoney) April 8, 2020

A11:

A11: Let them know they are not alone and that they’ll get through this. Give them the time they need to discuss whatever their feeling and provide the support that comes with that. #CreditChat

— American Consumer Credit Counseling (@ACCC_TalkCents) April 8, 2020