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It can be challenging to help children understand the concepts of spending and saving when they watch adults ‘tap’ and ‘swipe’ instead of handing over physical money. Recent research from the Financial Planning Association (FPA)1 reveals that 68% of Australians are reluctant to talk about money to the kids in their life, or they don’t know where to start. But the report also revealed that the children who participate in conversations about money are more curious, confident and financially literate than their parents were at their age.
The FPA found that people fall into one of four categories when it comes to talking about money to kids:
|Feel very comfortable talking to kids about money and are transparent about money matters, but conversations are infrequent and unplanned.||Feel comfortable talking to kids about money and encourage good money behaviour through frequent and in-depth conversations.|
|AVOIDER (29%)||TROOPER (19%)|
|Don’t feel comfortable talking to kids about money and have infrequent conversations, or none at all.||Don’t feel comfortable talking to kids about money, but do it anyway – even though it feels awkward or uncertain.|
Engagers help equip younger children to deal with the digital money world and prepare teenagers for the financial aspects of their first jobs.
Here are some actions you can take today to become an engager for the children in your life:
The number one reason people give for being unable to talk to the kids in their life about money is not feeling good about their own financial situation.2 Children learn money habits from the adults around them, so it’s important to be a good money role model for children by taking care of your own financial wellbeing first.
Seeking advice from a financial adviser can build your financial literacy and confidence. And by taking care of your own finances first, you can lay the foundations for a better financial future for your whole family. If you would like to know more speak to your financial adviser.
1 Financial Planning Association of Australia, Share the dream: research into raising the invisible money generation, August 2018.
2 Financial Planning Association of Australia, Share the dream: research into raising the invisible money generation, August 2018.