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Well meaning parents often avoid talking "recession" with their kids, thinking they don't need to be burdened with such matters. But it's a mistake to assume children are oblivious. Kids are very tuned into their parents emotional state and know "somethings" happening in their home. So rather brush the issue under the rug, use this as a chance to teach your children how to deal with adversity in a positive way.

If the recession has a direct impact on your family, even if that means you've cut back on spending, you can use this experience to teach children how to navigate through tough times. Talk about your economic situation as a challenge the family will tackle together. Instead of telling a child you can't afford "this or that", explain everyone in the family is doing their part to save money and survive this recession. Ask your child for ideas on how they would "cut-back" their spending. Socializing suggestions from kids gives them a feeling of control and helps to reduce anxiety and fear.

Last, parents should take a minute to do a little self-reflection. If your stressed it's important to say: "I'm going through a tough time but it's not your fault." And, the good news is, with this dark economic cloud over our heads more and more people are starting to use cash: Debt levels are falling and personal savings are on the rise. Experts predict that the next generation will be even more wise about money- especially if children grow up learning a few financial lessons from their moms and dads.

"Approached wisely, the recession offers the opportunity to educate children about finances, instill strong values, and strengthen family ties." Image

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