Money can be a tricky topic for families, but it’s important to recognise that even young children can feel the impact of financial stress. A survey by GoHenry found that an astonishing 71% of kids are concerned about the cost-of-living crisis. This concern isn’t limited to older children—21% of 11-year-olds reported experiencing stress, anxiety, unhappiness, or anger due to money worries, according to another study by YoungMinds.
In light of this, and as part of Place2Be’s Children’s Mental Health Week 2025 with the theme ‘Know Yourself, Grow Yourself’, we are encouraging open discussions about emotions, challenges, and financial concerns.
With the support of Here4You and The Walt Disney Company characters from Pixar’s Inside Out 2:Sadness, Fear, Anxiety, Embarrassment, and Envy, we wanted to help young people recognise and express their feelings around money using a concept familiar to them.
Common Emotional Responses to Money Worries can include:
Fear – “What if we don’t have enough?”
Children may experience fear related to family finances or unexpected costs. This fear can manifest as avoiding conversations about money or panicking over small expenses.
How to help: Reassure your child that adults are managing the family’s money and they are safe. Encourage open but age-appropriate discussions about finances.
Anxiety – “I can’t stop thinking about money problems.”
Even if not directly responsible, children can feel overwhelmed by financial stress at home. This anxiety may appear as trouble sleeping, overthinking small purchases, or worrying about affording school trips.
How to help: Create a safe space for your child to express concerns. Teach simple coping strategies like deep breathing or journaling their feelings.
Envy – “Why do they have more than me?”
Seeing friends with expensive clothes, gadgets, or holidays can lead to feelings of envy. This might show up as comparing themselves to others or feeling frustrated about what they don’t have.
How to help: Shift focus to gratitude and what truly matters. Discuss the different ways people measure happiness beyond money.
Embarrassment – “I don’t want anyone to know.”
Children might feel ashamed if they can’t afford the same things as their peers, leading to excuses or avoiding social situations.
How to help: Normalise differences in financial situations and reinforce that self-worth isn’t tied to material things.
Sadness – “I feel left out.”
Financial limitations can lead to exclusion from activities, causing sadness. This may show up as withdrawal from friends or disinterest in activities.
How to help: Acknowledge their feelings and find alternative ways to create joy, focusing on shared experiences rather than spending money.
Supporting Mental Health and Resilience
Acknowledging children’s concerns about money and discussing them openly fosters resilience and supports their mental health. Through our work, we have found that children start forming money habits as early as age 7. This Children’s Mental Health Week let’s commit to conversations that help our children understand their emotions, build healthy habits, and navigate challenges around money sooner rather than later.
To learn more about how you can best support your child and address money worries, check out the following resources:
- Children’s Mental Health Week
- YoungMinds – Money and Mental Health
- GoHenry – Kids and the Cost of Living Crisis
At MyBnk, we believe the language of money is a language for life and like learning any other language, this too is easier to start at an earlier age! Book a session with us here and help empower the young people in your lives.
Together, let’s create a supportive environment where children feel safe discussing their worries and learning how to cope with life’s challenges.