By clicking through to the Investments or Platforms site below you confirm that you are a licensed adviser operating under an Australian Financial Services License.

Raising money confident kids

Teaching kids about money from an early age can set them up for financial success in the future.

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.

Talking about money

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.
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.

Learning from ‘Engagers’

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:

  • If you have your own children, give them pocket money from a young age so they can learn about spending and saving (the average amount of pocket money ranges from $6.20 a week for kids under nine years old to $17.60 for teenagers)
  • Play shopping games with younger children to build their financial literacy and help them learn about ‘needs’ vs ‘wants’
  • Teach kids about different types of money, eg cash, credit cards, in-app purchases, cryptocurrency
  • Include children in household discussions about family finances
  • Use online tools and resources to engage kids’ interest and attention – a great starting point is the Government’s MoneySmart website (, which is packed with tips and practical activities to educate kids about saving and money
  • Encourage older children to get an after-school job to teach them about budgeting, tax and superannuation.

How you can look after your own financial wellbeing and role model good money behaviour

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.

Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (Colonial First State) is the issuer of the FirstChoice range of super and pension products from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. Colonial First State also issues interests in products made available under FirstChoice Investments and FirstChoice Wholesale Investments. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. The PDS and FSG can be obtained from or by calling us on 13 13 36.