Bailout? Recession? Foreclosure? Credit Crisis? HUH?!
Most kids have no idea what these words mean and adults are finding it difficult to bring the economic climate conversation down to kid-level. Hey, maybe a Kid’s Economic Glossary might help!
This glossary is just one way in which experts are helping to educate kids about the current economic crisis. Despite the fact that our economic slump may seem like an adult problem, layoffs, budget cuts, and salary freezes effect families and their kids –who often have a million questions about what’s happening.
Being open and talking about what’s going on financially, both at home and in the nation, can help inform kids and lessen their fears about what they may hear secondhand. Forbes.com recommends having honest, yet appropriate conversations with kids. Children and teens don’t need to be bogged down by complex finance-speak or technical terms, but they do need to know how the economy affects their world. This may mean cutting down on eating out, shopping less, or reducing allowance. Parents may also want to create a family budget to drive home lessons about household costs and responsibilities, and demonstrate how each member may be asked to sacrifice a few luxuries.
Educating teens about the economy and steps that are being taken to help solve the country’s financial problems may actually help increase optimism. A recent study from the Scarborough Kids Internet Panel (SKIP) found that 75 percent of teens said they are optimistic that the new Obama administration will help solve the current economic problems. This is interesting because it shows a heightened awareness of political interest from teens. Confidence in our current administration is really important because it boosts morale even when times are tough.
In the SKIP study, teen respondents also noted how they have made sacrifices in order to help their families save money, which included dropping out of a sport or recreational activity (15 percent), missing doctor’s appointments (13 percent), and changing eating habits (33 percent, including eating out and/or purchasing fast food). It is commendable that in these unpleasant times teens are pitching in to do their part to help their families spend conservatively.
As much as adults might like to think kids and teens are blissfully ignorant about the economy, they aren’t. They want their questions answered and voices heard. Even President Obama wants to hear recovery stories from the public. On the new Recovery and Reinvestment Act website there is a place to submit your own story, as well as innumerable resources to help explain the recovery process and the current economic stimulus efforts.
If you’re a parent who needs economy-friendly, informative resources to share with kids, check out other Scholastic News resources: Play an Economy Word Scramble game; check out their lesson plans on How The Economy Works (grades 6-8), or what happens when kid reporters talk about the economy with members of Congress. Need more resources? Check out the Kids and the Economy story on NPR, a kid’s play explaining the economy, real time economics via the Wall Street Journal’s Twitter page, and the Hands on Banking Teen Page.
After all, when it comes to the economy, it’s all in the family.
- Contributed by Kim Keough, BodiMojo research assistant, a Gen Y’er with expertise in higher education and psychology.
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