In this episode, we explore many different ways to engage and talk to kids about money. Recognising that financial literacy is a life skill, let’s empower the next generation with the tools and knowledge to access a better financial future.

SHOW NOTES

01:02 The supermarket is a fantastic training ground for budgeting.

02:13 Financial literacy is a life skill, cutting through every aspect of our lives. Australian regulator ASIC has a great website for teaching kids about money.

03:57 So why is it hard to have these important money conversations with kids?

06:05 Westpac survey on kids and money found that gender inequality starts at home, boys are earning more weekly pocket money than girls.

07:58 It's all about starting kids on the right track early and setting up those right views and attitudes toward money and also around how much your time is worth.

08:27 The concept of giving is another important conversation to have with kids.

09:43 The three S’s - spending, saving and sharing - a framework that helps kids understand money.

10:10 We are on the cusp of a $3.5 trillion intergenerational transfer of wealth from the baby boomer generation to Gen X,Y,Z. Are we ready for this?

11:40 Understanding the perception vs reality when it comes to wealth is critical for kids. Kids compare themselves to others, however not everything is not always as it seems.

12:59 Debt, a concept explored in a previous episode, contains important messages to teach kids, in particular around the concept of keeping up with the Joneses or, to the new generation, keeping up with the Kardashians.

14:12 Buying lunch at the tuckshop has gone digital! Another micro lesson on budgeting.

14:39 Kids are digital natives. Budgeting on mobile data is a great learning ground for financial budgeting.

15:24 Even though it may not be a physical cash payment anymore, kids understand the concept of spending.

16:26 Talk to your kids as much as possible about finance. There's nothing to fear.