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Financial Literacy for Kids

For many people, an exposure to finance and basic money management from a young age has helped them to develop positive financial behaviours that they carry throughout their life. Unfortunately, others have not been so lucky when you consider that in Australia only 58% of people feel confident about managing their money and that around a fifth of 15-year-olds do not have basic financial literacy. These numbers could be challenged as we continue to navigate towards a more cashless society. Financial literacy has the power to change lives and everyone has the opportunity to make a difference.

Everyone has a role to play in the financial education of our kids, and parents are poised to play the role of enabling financial experiences really well. Perhaps more relevant to us as advisers, in-home solutions can easily be suggested to clients and integrated into the household.

Pennybox is an online chores and pocket money app. It is recommended for kids under ten years old, before progressing to something like Spriggy.

Spriggy is a prepaid card that lets kids experience spending and saving in a controlled situation. Spriggy is for kids aged 8-18.

Money School is for those parents with more time to invest into their child’s financial education.

Whether you utilise any of these or not the most important thing we can do as parents is to start having a conversation with our children about all things financial.

We owe it to our kids to start them off on the right foot in life.

#financialliteracy#beststartinlife#pocketmoney

Disclaimer

This information is current as at 17/01/18. This article has been prepared by Heart1Stop, a social media brand owned by Heart Mortgage Services and Heart Financial Advisers. The information contained in this article is an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The views expressed here are not those of Heart1stop, Heart Mortgage Services, Heart Financial Advisers, shareholders, directors or staff and associated contractors and business associates. This article has been prepared without taking into account any person’s objectives, financial situation or needs. Because of this, you should, before acting on any information contained in this article, consider its appropriateness, having regard to your objectives, financial situation or needs. Any taxation information contained in this article is a general statement and should only be used as a guide. It does not constitute taxation advice and is based on current laws and their interpretation. Each individual’s situation may differ, and you should seek independent professional taxation advice on any taxation matters. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. It is not the intention of Heart1Stop or Heart Mortgage Services and Heart Financial Advisers that this publication be used as the primary source of readers’ information but as an adjunct to their own resources and training. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party of Heart1Stop or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties ("Third Parties") who are not related to Heart1Stop. These links are provided for convenience only and do not represent any endorsement or approval by us.

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