The lockdowns taking place all over the world in an effort to curb the spread of the coronavirus have unfortunately also brought economies to a grinding halt. Many companies who are suddenly not making a profit are retrenching employees. If your family finds itself in this unfortunate situation here’s a guide to share the news of a retrenchment with your child:
Also Read: The lockdown is an opportunity to teach your children about money
As much as you may be feeling stressed knowing the full extent of your family’s financial situation due to the loss of income, keeping it a secret from your child will still impact them negatively- kids can sense when things in their environment has changed. Rather be calm when you talk to them to lessen their anxiety. Be honest about whats happened and also realistic about what the job loss means for your family (Particularly themselves i.e no new cellphone for their birthday etc).
In as much as you must be honest also consider the age of the child when deciding how to share the news with them. Use the guide of the older the child, the more detail you can share.
Also Read: Should parents still pay the full school fees in light of the shutdown?
Once you have shared the reality of what’s happened and what it will mean for your family, ensure that you also share how you plan to tackle or overcome the situation with your kids. This way they have confidence that you have a plan to overcome this temporary setback for the family.
Tactfully explain that the details of your financial circumstances are personal to your family and clarify what, and how much info they can share with friends or acquaintances.
As much as a lot may have to change due to the changed financial circumstances of your family, try to keep, as much as possible, doing some of the things your kids are accustomed to. Children benefit from routine.
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