What Should Your Teens Know About Money?

Should you burden your maturing youngin' on how you make your money work for your household? Should you spell it out for them, so they understand how the adults in the household have sacrificed for their wellbeing as well as the comforts in life which they enjoy? Or should you let them enjoy life, and live a carefree unencumbered life because after all, they've got a whole lotta years of adulting to enjoy? 

Key Takeaways:

• It's crucial for children to learn about money early on, including budgeting, saving, and investing.
• Transitioning from cash to digital transactions presents challenges in teaching kids about the value of money.
• Encouraging children to work part-time can provide valuable financial skills and experiences.
• Understanding new financial tools such as Afterpay and digital banking is essential for today's youth.
• Engaging in open, non-judgmental conversations about finances can help mitigate money-related mistakes.

Notable Quotes:

• "One out of one people in the world need to understand and deal with money." — Pete Burrows
• "The earlier you can start [financial education], the better." — Pete Burrows
• "It's a good idea to set up bank accounts for kids to teach them about saving and spending." — Pete Burrows
• "Mistakes are your best resource because you can learn from them." — Pete Burrows
• "You want to keep open conversations… lean into [money] learning opportunities." — Pete Burrows

 

Got a question, comment or personal story to share? Send it through at hopepodcasts.com.au. Ben and Pete will get stuck into it on a future episode.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

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