April is Financial Literacy Month. It’s usually a lighthearted celebration of saving, investing, and budgeting.
This year, financial literacy month comes at a moment of crisis for our country and our world. Coronavirus has gripped our attention, changed our daily lives, and for many of us, depleted our bank accounts.
As we ring in Financial Literacy Month, our goal is to begin conversations about money between you and your kids. This month, there are 3 topics most of us would be wise to discuss with our kids: fear, scarcity and hope for the future.
Fear is a powerful emotion. Part of it is healthy, as our infectious disease doctors are quick to point out amidst our current health pandemic. We all need a reasonable amount of fear to keep us from being foolish. Fear of getting sick—or making others sick—is what motivates us to wash our hands and adhere to social distancing guidelines. But the other side of fear—the crippling one—can sap our energy and hurt our productivity. As sobering news fills the airwaves, it’s understandable that fear is widespread. So what should one do with it? Talk about it. Sit down with your kids and shine some light on the things they’re fearing most. Then rather than say, “that will never happen,” talk about how you would manage it if it did.
One of the primary fears gripping our world today other than health is scarcity. Word of a recession (or worse) is circulating daily. Unemployment numbers are expected to continue climbing. For kids, the possibility of mom or dad losing their job can feel overwhelming. It’s important to communicate how you would handle whatever comes. Explain how unemployment insurance works, and how losing a job amidst this pandemic doesn’t mean you’d lose everything. Talk about how tightening the grocery budget isn’t a sign that food may run out, but an action that means it won’t. Rather than assume our actions and perspectives are translating to our kids, it’s vital that we open up lines of communication to erase any unrealistic concerns.
Finally, amidst all the fear and worry, it’s imperative that we lift our gaze from the sobering news for a moment to consider the future. Talk to your kids about their dreams. Continue to engage with their hopes for college and careers. Keep up the chitchat about impressive inventions, space exploitation, and cutting-edge technology. Because even as the present feels dim, the future is bright.
While you are home-schooling your children is a great time to teach them lessons about money. Visit http://bizkids.com/ for games and activities for kids of all ages.
At Willis-Knighton Federal Credit Union, we are here for all our members, regardless of age.
We want to help you show your children how to have a bright financial future. Usually, April is National Youth Month. This year we will have it at a later date. Watch for an announcement about the gifts and cash giveaways coming soon.
Your Credit Union is still here to serve you. You can still take care of your financial business and still apply for loans. Give us a call at either branch -- Shreveport: 318-621-0605; Bossier: 318-629-5622.
WKFCU Is Here For You! Just In A Slightly Different Way!
(Reprinted in part from Biz Kid$ Blog, April 1, 2020)
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