Mum and Dad, your kids need you to teach them about money Why does no one teach this stuff? This is the comment I hear from every second coaching client I have ever worked with. The principles of smart money management are so simple, yet here in Australia, 1 in 2 people aged 18- 35 experience financial stress of some kind on a weekly basis…. Yes, you heard it right – 1 in 2 people experience financial stress on a weekly basis. We live in one of the wealthiest countries on earth, yet our younger generations are failing to thrive, financially weighed down by unrealistic lifestyle expectations and consumer debt. But the biggest problem is lack of practical education… As of this month, my 3 beautiful kids are now all teenagers! And yes, I am going both bald and grey – but that’s another story! Both my girls have had lessons on basic budgeting in year 9 maths and commerce but to them it was just another topic to be learned, like calculus or trigonometry. Without any practical real-life application, these lessons were useless. Money management skills need to be ‘lived’ not simply taught in a classroom. So, parents, like …
We have looked at activities and techniques useful for teaching primary aged children healthy money habits, including: How to Teach Your Children How to Manage their Money and How to Teach the Middle School Child About Money. I would now like to turn my attention to teenagers when it comes to teaching children about money.
In the previous blog post in the series, How to Teach Your Children How to Manage Their Money, I discussed some strategies for introducing your child to the world of money. This article will build on those time-proven principles and look at how parents can equip their children to make wise decisions about managing money and spending.
There is no one size fits all approach when it comes to teaching our children about money. The strategies we use to teach our children need to be age appropriate and very, very relevant to the issues they face in everyday life. The purpose of this series of articles is to pass on practical skills and activities that will assist parents to take a proactive role in equipping their children with the skills on how to manage money.