My wife and I recently started running into some financial problems, and we are thinking of reducing our son's pocket money (he is 12). My question is, do we explain the financial situation to him?

Of course you should talk him. Explain why this is happening but reassure him that you are handling it. When he grows up, he will learn how you handle it with grit and how you overcome.

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it happened to me and my kids are all sensible with money growing up.

Just in simple termas

I am asking myself whether the (possibly low) sum of the regular pocket money

will make a difference? Sensitizing your children to financial problems on the other hand is valuable. Surely it would help to have a transparent discussion on the topic with wording he can understand.

Maybe you want to explain the cause of the hardship and a strategy to get through,

then you could invite him to help you (if a cut down of his money really would make a difference though)

Hello! i hope this message finds you n your family in a better financial situation

as a pri sch teacher, i just wanna say that children r often more perceptive than we give them credit for. it's likely that your son has already felt/noticed the financial strain and tension

am reading this book "the art of money" by Bari Tessler. On pg 61, she shared a story about her client. essentially, her client was 8 years old and lent money to her mother who was in a tight financial spot. the client remembers feeling proud and grown-up.

just throwing up this idea into the mix of responses here. again from my experience: children want to do what they can to help us adults