Tips to guide children to financial independence
By Associate Director, Hamish Landreth

As a Dad to two young children, it struck me recently that both were payWave proficient by the age of 2. While a continuing ‘checkout game’ for them, it underpins an interesting challenge.

In a world where digital money is now the ‘norm’, how do we help children grasp the value of real money and become financially independent?

A great tool for you as a parent, uncle/aunt or grandparent, is the Financial Planning Association of Australia’s eBook How to Talk Money with Children (click here). It’s an excellent resource with great tips to encourage good financial habits.

Importantly it also acknowledges that financial guidance needs to change as children age, in order to broaden their understanding and accountability for financial freedom.

In summary, the focus areas are:
  1. Children 4 to 8 years -  how to grasp the value of money
  2. Tweens 9 to 12 years – how to recognise that choices require budgeting
  3. Teens 13 to 18 years – how to learn by doing and spend within their means
I found this resource incredibly helpful given some of the hands-on recommendations provided. Please feel free to share this with any of your friends or family as together, we are all responsible for shaping the next generation.

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