Do You Tell Your Kids About the Economy?

Today's youth have never seen an economic slump. Heck, with the drop in the economy we've seen these past few months, only those who are old enough to remember the Great Depression have (like our money expert Al Jacobs). Anyway, now that the holidays are here and many kids probably aren't going to have as many gifts as in years past, what's a parent to do? This article on MSNBC says that many parents are spending less on themselves to shield their kids from financial hardships. One family with sons ages 10, 8 and 4, had their kids go through the advertising circulars and circle their holiday wish list. They then had their kids ad up the total of all the items they wished for. One child was surprised that his list came to $904, which was a perfect segue to discuss money with them.

In conclusion, the article didn't offer any concrete advice, but I thought the last bit about the sons was a neat idea. How are you approaching the money situation in your household? Are you shielding your kids or shedding a light on the real world?