Teens and pre-teens may not understand what is going on with the economy, but it is on their radar. People are talking about money now more than ever, and it is likely that your child has picked up on some of the chatter along the way.

If a family is undergoing hard times, it is natural for parents to want to shield their children from any worries, but if money is causing any stress or tension within a household, children will feel it too. Protecting your child from what is going on in the family might actually make the situation a lot scarier. They know something is wrong, even if their parents are saying everything is OK, but what exactly is it?

Whether your family is experiencing unemployment, decrease in retirement funds, credit card debt or a salary cut, it is important that your teen be on board with what is happening with their family. Tell them how you are feeling about it (i.e. I'm angry about being let go from my job), but also let your teen know what your strategy is going to be to handle the situation. It will help any transition if your teen has a realistic idea of what is going on.

Regardless if your family is having financial trouble, the economic crisis has opened the door to educate your children about managing money. Parents can begin talking to children about money at an early age. When children enter into elementary school, they can begin to grasp the concept of money and its value. However, as a parent, it is never too late to teach your child about financial responsibility.

Here are some tips on how to teach your children fiscal responsibility:

— Give your child an allowance. The best way for your child to learn about managing money is having some to manage. A great way for your child to earn an allowance is doing chores around the house. This will not only help out the parents with keeping up a household but teach your child responsibility.

— Teach your child how to save. Now that your child has an allowance, help him or her decide how much he or she should save every week and how much is OK to spend. Some children may have trouble with saving their money and not spending it all right away. You can give your child incentive by helping him or her set savings goals for items he or she may want to purchase. A young child's r goal can be as small as a bag of candy. For an older child, it could be a new MP3 player or car when at 16.

— For older children, include them in family finance discussions. Most pre-teens and teens have no idea how much it costs to run a household. Showing your child how you budget for things like groceries and electricity or your next family vacation will further teach them how important it is to be responsible with money.

— Be a good role model. Whether or not you are discussing your family finances with your children, they are learning about money from watching how you spend. By showing that you are responsible with money and know its value, your children will learn to do the same.

Lisa Hueckel is a parent education specialist for St. Louis Children's Hospital's helpline for parents of teens. Call 314-454-8336 to get information and support as well as specific referrals to mental health providers.