By Jane Marsh
Money worries can spill into a child’s world before they can count coins. New parents want to keep their youngsters carefree, yet they must still face life’s realities. The task is not to hide hardship but to frame it wisely and keep daily routines steady so children grow confident, hopeful and prepared.
What the Figures Show
Financial pressure touches millions of young lives. In England and Wales, about 2.4 million children live in households with problem debt, and an estimated 500,000 of them report low well-being. The Children’s Society’s well-being survey dug deeper, showing that 23 per cent of children in homes with arrears have low well-being, while the figure falls to 14 per cent in families struggling with debt that is not in arrears.
Worry can erode self-worth – many children in debt-laden homes feel guilt, anxiety and helplessness because they cannot “fix” the problem. Children’s perceptions of family wealth matter, too. The survey showed that 20 per cent of youngsters who thought their family was “not well off” had low well-being, compared with 8 per cent who felt their household was average and only 4.2 per cent who felt well off.
Researcher Kathryn Grant, PhD of DePaul University, reminded that money stress first hits parents. Anxiety and low mood can limit patience, availability and warmth, which in turn heightens the risk of childhood mental health problems. Against this backdrop, shielding children means caring for your own emotional balance while teaching steady, age-appropriate financial stress.
Shielding Your Child from Financial Strain – Practical Tips
A brief pause before beginning – none of the following steps is a magic cure. They work best when woven together, repeated often and adjusted as your family changes.
1. Share Feelings, Not Fears
When adults name emotions – “I feel worried about next month’s rent” – children learn that feelings are normal and transient. Follow the naming with coping actions, such as taking a walk, deep breathing or phoning a supportive friend. Demonstrating healthy regulation shows youngsters how to process their anxieties rather than bottling them up. It also echoes Dr. Grant’s finding that parental stress management is a linchpin for child outcomes.
2. Keep Money Talks Clear and Age-Matched
Children overhear tension long before they understand a bank statement. Instead of secret whispers, offer truthful and straightforward explanations. For a four-year-old, that might sound like, “We’re saving for our bills this week, so we’ll choose one treat instead of two”. For an eleven-year-old, you can outline the difference between wants and needs, and invite them to help list household priorities. Honest language stops imaginations from running wild and teaches that problems can be managed step by step.
3. Create Visible Routines Around Money
Turn saving and spending into everyday habits that children can see. A family budgeting board, a weekly “money meeting” over lunch or labelled jam jars for coins gives the young ones structure. They witness decision-making and delayed gratification – skills that highlight resilience long after the crunch is over. Consistency beats grand gestures – even a 10-minute check-in each Friday can anchor a child’s week.
