How To Talk About Money With Your Kids

Are you wondering when's the best time to talk about money with your kids and teens?...

Right now!

Below are some practical ways to educate your mini's about money:

Start early - the earlier you start the money conversation with your kids, the better. Start with small, easy to understand money concepts like having a piggy bank and saving pocket money.

Begin with financial basics - what a bank account is and how to set one up, how to start a savings target/goal and the difference between needs and wants when it comes to spending money.

Show your child real life examples - consider showing your child a recent monthly bill and chat about how you prioritise those expenses. Create a mind map or brainstorm ways to lower the bill, like remembering to turn off the lights when you leave a room.

Give your child a chance to earn and spend their own money - encourage your child to make some money of their own, whether that’s an after school job, or helping around the house. Have a chat with them about responsible spending and goal setting.

Be transparent - kids often learn through absorbing information, so the more you share with them about financial decisions you’ve made & learnt from, the more they’ll learn and remember for themselves in the future.

Learn together - while your child might think you know it all, financial literacy is a journey for everyone. Take time to learn new things for yourself to pass onto your children like the wise old owl you are.

Feel like you need some extra advice on how to start the conversation? Our Foxplan advisers are here to help the whole family!