We all know that the stock market has been in a freefall, our economy is in turmoil and the government is spending trillions in an attempt to fix these problems. But it’s not only our national economy that’s in trouble. The mini-economies of many households across the United States are having a rough time of things as well. We’ve gotten many phone calls from readers just like you asking whether their retirement savings are safe and what they should do about the money that has disappeared. In this case, there’s no government bailout waiting in the wings.

Times like these make people resourceful, for example, coupon use declined for many years before making a comeback last year. This year will surely see a rise in their use as food gets more expensive and people have less money to spend on it.

But there’s one aspect of the financial crisis that I find even more interesting than finding ways to save money, and that is the effect all of this has on kids. Most children, many teenagers and even many young adults have never lived through a national economic downturn. Many have lived through an incredible bull market, years of consumer excess and easy credit. For them, this crisis is a rude awakening.

Last week, The New York Times had a story about how teenagers are coping with the economic downturn. While some are extremely concerned about the situation and are trying to help their families come up with solutions to save money, many seemed offended that they could no longer have as many new clothes, gadgets or restaurant meals as they had previously enjoyed.

Many people in their early 20s or under are too young (or not even born yet) to remember any economic problems from the last couple of decades. They’ve grown up in the recent boom times and are having difficultly adjusting to a more frugal way of life. Meanwhile, the pressure on teenagers to have name brand clothes and shoes, an iPod, cell phone and video game system has probably never been greater. This has been fed, in part at least, because of the booming economic times in which this generation was raised.

While many of the teenagers in the article had a hard time coping with the new limitations on spending, others were eager to help their families and figure out ways to live more frugally. Most of the teens who were allowed to be a part of the family discussions about finances felt better about the situation because they were kept in the know. In an attempt to do that, one of the families in the article showed their kids the monthly bills and the teenagers were shocked. One even thought the monthly mortgage payment was an annual fee, demonstrating the lack of knowledge most teens have about bills, check writing and life after parents stop the gravy train.

A major concern brought about by the crisis is the ability to get loans for college. With the tight credit markets, it’s becoming more difficult to access funds that many need to attend college. Evidence of this and the economic downturn can be seen in the Massachusetts state university system where enrollment is up 4% over last fall. Paying for college, especially expensive private schools, was already a stretch for many families and now it’s bound to be an even bigger burden.

So while kids may have to take pay cuts on their allowances or pick only one new outfit for school instead of several, this is a great time to instill values of saving in children and teenagers. When times are good and the economy isn’t a worry, people often don’t take the time to teach kids about saving for a rainy day. One good thing that may come out of the current debacle is that kids today might be more prepared to deal with tomorrow because of the conversations parents are having with them about saving, not overextending credit and living within their means.

Taking some time to teach kids about finances will really pay off in the long run. This is especially important for the generation of young adults and children who have grown up in the boom times and never felt the pinch of a troubled economy. It’s a hard lesson to learn, but a vital one.