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.
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