Children are very vulnerable during an economic crisis, or in any crisis for that matter, largely because they have vivid imaginations, and usually imagine the worst.
Whether it is the economy, a separation, or a loss of some kind you need to make your children feel safe, and they must believe you are going to be able to take care of them no matter what happens.
That doesn't mean you lie to them, or make false promises that they'll never have to make any changes or sacrifice, but you don't dwell on that or frighten them.
They need to know if you've lost your job, are going to have to move (but wait until this is certain before you bring this up...
) or your schedule must change.
Sit them down and talk with them in a neutral voice, with no emotion, and answer their questions as best as you can.
Then ask them to be brave and stress that you all need to work together to get through this difficult time.
But sometimes this is hard for children to understand, and they think that if they just beg and whine enough parents will give in, because they have no real concept of the problem.
This can be very upsetting for parents.
I've heard parents yell and scream because their children constantly begged for toys, games, and clothes that they could not afford, and in their fear and guilt at not being able to provide those things they blurted out too much information about the family finances, hoping to impress upon their children the direness of the situation.
Sometimes this pushes parents over the edge, and they fall into the trap of dramatizing the situation, or expecting them to comfort and support us.
This is not appropriate and though it may impress on children the seriousness of the situation, it can cause great anxiety that might affect school work or how they get along with other children.
Let them know that even in the crisis you are a family, you are going to stick together and that you can handle anything that happens.
But make sure you don't make the mistake of treating your child like a friend instead of a parent.
Even teens aren't able to handle that kind of pressure, and will often fall into depression if they feel they are having to take care of you, especially when you are out of a job or finances are tight.
Their feelings of helplessness and vulnerability to stress will be very acute even if they appear to be brave and cheerful on the outside.
Above all things, never ask them to take sides in an argument with your spouse or ex.
The opposite of that is teens who develop a hard, cold selfish attitude.
They want to stay out with friends all the time, fail to help out with chores, and deal with the current crisis by acting as if it hasn't nothing to do with them.
This is a stress reaction, and needs your understanding and patience.
Do not turn arguments into power struggles, but try to get them to talk about their fears.
They may be afraid they are not going to get to go to college, or that they will have to move away from friends even if you've not said anything about that.
Also be careful to watch their vulnerability to drugs and dealing at this time, in a misguided belief they feel entitled to money, no matter what they have to do to get it.
Show your children what it means to have healthy coping skills.
If you drink, eat, or hole up in a room watching television out of fear, so will they.
You cannot protect children from bad times, as they are an inevitable part of life.
My biggest concern for Americans is that we've had a generation of relative ease in America, and have come to expect it to be the land of gold and plenty forever.
We've not done a good job, for the most part, of teaching our children how to cope without having money to spend to entertain and divert ourselves.
This is a good opportunity for you to teach your children these coping skills.
Kitt Kittredge: An American Girl would be a great movie to watch right now, as well as Sea Biscuit and others (for teens, not younger ones) Others are Annie, Oliver, and certainly, anything related to Bible stories that illustrate the character traits we should display during times of distress.