Teaching kids about money

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One of the joys of parenting is teaching your kids a new skill, and watching them persevere, grow and get better at it.  Some of these skills are relatively easy to teach like kicking a soccer ball, but the more important life skills can be tricky to explain and harder for our kids to master.  It’s a challenge that most parents relish, but even the best amongst us would admit – teaching kids about money can be difficult.

So, no matter how young or old your kids are – it’s never too late to get started, and we’ve made it easier by putting together some resources to help kick things off.

Online

There are tons of great resources online, and one of the best is ASIC’s MoneySmart’s portal on the subject.  They have guides for kids of all age groups and have made it practical – such as suggestions for how to speak to kids about money when you’re at the supermarket, paying bills or even doing a budget.  There are even videos and handy worksheets to put the learnings into practice.

Getting into Banking

We all started with a piggy bank and some pocket money, but eventually, it makes sense to graduate to a bank account.  Having a real bank account teaches your kids how to save and manage their money.  It also makes concepts like earning interest more real as they watch their savings grow.

However, as The Barefoot Investor points out – when the bigger banks get involved they are getting in early to build loyalty to their brand and eventually profit from the kids when they turn into working adults (or even sooner).  Keep this in mind, but don’t count them out – there are some good resources out there from the bigger banks too!  Learn more about banking programs for kids via this comparison.

Share your experiences

Be honest and candid with your kids about your highs and lows with managing money.  Sharing your experiences is a great way to bond with your child and shows them how important this topic is for you to candidly speak about your lessons learnt with them.

And lastly, Scott Pape has a new book on the subject which we at Frollo have ordered and can’t wait to read – check it out and if you already have, let us know what you thought in the comments.

No matter how old your child is, get started today to set your kids on a path to financial literacy, prosperity and security.

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Frollo is a purpose-driven Australian FinTech on a quest to help people feel good about money. We’ve built the simplest way to help people get their finances on track – and through our business ecosystem, we’re supporting our enterprise clients to do the same for their customers.

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