Parents that have been fired often feel a sense of failure. You want to provide for your family, and now you're causing your family financial hardship. Parents may not need to tell their kids that they’ve been fired.

Kids don't need to know everything about money – not your finances at least.

You may have been "let go" because the company has chosen to:

• Down-size

• Eliminate your position

You may have also been fired for misconduct. In either case, this means that you have a choice ahead of you: tell your family outright, or you can choose to keep the firing from the kids.

Issues With Telling Your Kids

Telling your kids that you've been fired isn't going to help them with stress. Studies from the APA show kids are stressed, and they even have upset stomachs and can't sleep at night. But the study also found that parents don't even know that their kids are stressed.

When you tell your kids that you lost your job, it will often stress them out.

They may also tell friends, family and teachers that you lost your job. Sure, Johnny may be mature, but if you already have interviews lined up and know that you'll be able to easily replace your job, it may be better to not tell your kids.

And if the job is part-time and won't have an impact on your life much, it's also best to keep the issue to yourself.

I am a firm believer that kids don't need to know the ins and outs of their parents' finances.

Lessons to Teach Your Kids If You Break the News to Them

Maybe your kids are older and you feel it's the right thing to do to tell them that you've been fired. Every situation is different, and you have every right to let your kids know of your firing. But if you do choose this path, you'll want to:

• Teach your kid that hard work will help get you employed.

• Showcase your persistence to get a job.

• Take action for an unjust firing.

If you've been let go unjustly, it may be time to call on the help of an employment lawyer in Toronto. You can teach your kids a valuable lesson here, too.

When you've been fired or let go for improper reasons and have to get lawyers involved, you can use this as a lesson to teach your kids to:

• Stick up for themselves

• Do the right thing

• Take legal action when necessary

Kids may have a hard time coping with your firing, but you can also show them how seriously you're taking the situation. Use the hours you would normally work to look for a job. You'll show your kids that your hard work ethic is something that they ought to emulate.

If you want to hold a family meeting, make sure your spouse is on board to help you and the kids through this difficult time.

Telling your kids that you've been fired can be difficult, and while it's not always best to tell them, if you choose to, make sure that you do so calmly without hinting of your own fear or worry.