July 11, 2025 • 24 mins
Talking to kids about money can feel daunting. What if you say the wrong thing? What if they pick up your bad habits? In this episode of The Happy Families Podcast, Dr Justin Coulson is joined by financial literacy expert Nicole Pedersen-McKinnon to unpack practical, age-appropriate ways to help kids develop healthy money habits. From pocket money tips and goal-setting to avoiding the “tap trap” and understanding the power of time and compound interest, this episode will help you raise kids who feel confident and capable with their finances — and maybe teach you a thing or two along the way.
KEY POINTS:
- Why parents’ attitudes and modelling matter more than a single “money talk”
- The importance of teaching kids to delay gratification and set goals
- Why kids’ biggest financial advantage is time — and how to help them use it
- Fun, kid-friendly ways to teach saving and earning (including apps and games)
- The psychological danger of passing on “economic anxiety” to kids
- How to make invisible digital money more tangible for children
QUOTE OF THE EPISODE:
"The most powerful financial lesson kids can learn is watching you model mindful, deliberate spending — and hearing you talk about why." — Nicole Pedersen-McKinnon
RESOURCES MENTIONED:
- Kit Pocket Money App & Guide — a pocket money app and free downloadable guide for kids
- Moneysmart.gov.au — trusted financial literacy resources for adults and kids
- Spriggy — another popular pocket money app
- Nicole Pedersen-McKinnon’s book How to Get Mortgage-Free Like Me
- ASIC and Financial Literacy Board initiatives
ACTION STEPS FOR PARENTS:
1. Start talking about money with your kids early — keep it open and judgement-free.
2. Use cash with younger kids so they can “see” money and understand it’s finite.
3. Help your kids set savings goals and offer stretch incentives to build motivation.
4. Model good money habits: avoid impulse buys, talk about budgeting, and explain your choices.
5. Teach them about time as an asset: the earlier they save and invest, the more powerful the results.
6. Consider using a pocket money app to track chores, savings, and spending in a fun, visual way.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
If you're looking for ways to encourage your kids to
learn about saving and smart spending, check out Kit, a
pocket money app and card built by Combank. It teaches
kids about earning money through chores and saving in buckets
or what Kit calls stacks. Kit is free for eligible
Combank Yellow customers, t's and C supply, or just fifty
(00:23):
dollars a year for up to five children. Download the
app or visit haykit dot com dot Au. You can
also download Kit's free Pocket Money one oh one guide
from the Kit website at haykit dot com dot Au.
TMD available on the website. Consider it appropriate for you.
(00:43):
Teaching children about money is one of those things that
feels tricky. Where do you start? What do you talk about?
What if the children ask a question that you don't
know the answer to. What if it looks like you
might start teaching them things about money that aren't going
to be in their best interests.
Speaker 2 (00:58):
Like the stakes feel high if you get it wrong.
Speaker 1 (01:02):
Or maybe we're just too neurotic about it, and the
psychology of money has gotten into our head so much
that we don't know what we're doing and we just
need to trust our gut Caulday and welcome to the
Happy Families podcast, Real Parenting Solutions every day on Australia's
most downloaded parenting podcast. My name is doctor Justin Couson today,
I'm joined by Nicole Petterson McKinnon. Nicole's a longtime financial
literacy campaigner and educator across newspapers, online, on TV, radio,
(01:25):
on stages around Australia. She's had a weekly advice column
for twenty years in the Cidney Morning Herald, Age, The
Brisbane Times and WA Today twenty years.
Speaker 2 (01:36):
Nicole gives speeches with her.
Speaker 1 (01:37):
Lived advice to prosper She regularly MC's events, including multiple
Canberra Parliamentary breakfasts for asik or is it is it
assic or acik? I say acic and I feel like
I'm saying it wrong. What do you think, Nicole?
Speaker 3 (01:51):
I think it might be ethic, but you know, potato Festado,
it doesn't really matter.
Speaker 4 (01:55):
Everyone gets it.
Speaker 1 (01:56):
I like the sound of acic better, but for some
reason it just comes out wrong every time. And the
Australian Government Financial Literacy Board updating members of Parliament in
Australa's financial literacy progress. A couple of other things, I mean,
such a long and impressive bio. Since twenty fourteen, Nicole's
delivered her Smart Money Start incursion in schools, and she
was recently the guest judge for the ATOS Tax Super
and You High Schools competition. Nicole has won the top
(02:19):
Award for Money journalism in the UK and Australia. Is
the author of How to Get Mortgage Free Like me.
I feel like I need more of you in my
life and we haven't even properly met you, Nicole, I
would like to be mortgage free like you.
Speaker 3 (02:30):
Well, full disclosure, I now have a small mortgage because
that was my first mortgage that I became mortgage free of.
Speaker 1 (02:36):
But yes see, that's the thing, isn't it. You get
mortgage free, but then you buy a bigger house.
Speaker 3 (02:41):
Well that's exactly what happens right at the time.
Speaker 4 (02:43):
But that's the process, and that's a good thing. The
more equity, the beout it.
Speaker 1 (02:46):
All right, Well, well, I'd love to talk to you
about me and make this a special Justine calls in session.
But that's not what everyone is listening for. Everyone's listening
because they want to know about how to talk to
their kids about money. You've been going in and out
of schools talking about this and writing these columns for
twenty years. Is just before we get into the nitty
gritty of the questions. I'd love to know, how do
you become the money expert? How do you become the
(03:06):
person who writes about this stuff?
Speaker 3 (03:09):
Well, I think to this point and to this podcast,
I think that I was kind of bred for it,
which is.
Speaker 4 (03:15):
A really weird thing.
Speaker 3 (03:16):
And I'm not sure that my parents realized they were
doing it, but I am. I am the daughter of
an English teacher and an accountant, so I kind of
think that naturally becomes the financial literacy kind of fare.
And what I would say is that in my house
growing up, money was on the menu.
Speaker 4 (03:34):
Like, we talked about money all the time.
Speaker 3 (03:35):
And what's really interesting is a brand new poll out
by a finder that says that forty peopercent of families
only speak about money with their children. So I do
think it's that awareness, you know, because this help is
not rocket science. It's actually not like the fundamental though,
is attitude not aptitude. It's great parents can give their
(03:56):
kids both, but they've got to start with the attitude.
And that's sort of about you know, talking the talk.
Speaker 1 (04:02):
Yeah, this is not anywhere that I thought the conversation
was going to go. But let's stay on this for
a second. I think that is really important attitude towards money.
Some people's psychology around money is money in, money out.
It's just money. It comes, it goes. Other people have
got the attitude, what do you think money grows on trees? Well,
it doesn't. Our psychology around money can be kind of
(04:23):
messed up, right, it can.
Speaker 4 (04:24):
Be really messed up.
Speaker 3 (04:25):
And you know, particularly when we're in an environment where
families have been stretched and stressed for at least the
past three years. Wow, And we do need to be
really careful about you know, there's a lot of talk
about eco anxiety now among children. I believe economic anxiety
is something that we can pass on to our kids
if we sort of convey too much of that the
(04:45):
pressure that's around us, and they're not being able to
avoid things, et cetera, without the empowerment to go. You
know what, kids, We're going to make concrete decisions today.
We're going to save money there, we're going to cut
back on that here, we're going to target this long
term thing, going to really really enjoy and we're all
going to get to achieve together, just giving them those
little little teeny crumbs of input that makes them feel
(05:08):
empowered and in control and set them lot for a
better life.
Speaker 2 (05:12):
Yeah, this is really interesting.
Speaker 1 (05:13):
As you're saying that, I'm reflecting on one of my
mates that I grew up with. His dad was Scottish.
Obviously there's a pretty strong stereotype around the Scots and money.
I'm not saying it's true, but the stereotypes are there
for a reason anyway, the territory. Yeah, so my friend Richard,
his dad was Scottish, his mum was English, and they
were tight. Like one day they were taken into the
(05:34):
bathroom and told how many squares of toilet paper they
were allowed to use when they went to the toilet.
It was like that super super super tight. But we
used to mock our friend Richard because if we were
going to buy takeout after we'd been surfing as teenagers,
he would choose KFC over Yuck Donald's because the straws
were skinnier and therefore the drinks lasted longer.
Speaker 4 (05:56):
Yeah. Well that's amazing, isn't it. And luck we've all
got those friends. You know. I've got a friend who
at university, lived on Maggie noodles and vitament tablets.
Speaker 3 (06:04):
Very financially secure right now, because that was okay with her.
I'm not, you know, not financial advice. It's also not
nutritional advice.
Speaker 4 (06:11):
Yeah, yeah, you know.
Speaker 3 (06:13):
And you know that person who took their own banana
and wanted to discount for the banana smoovie, because you know,
that's how that's where their mindset was at with money.
I am not like, I'm notoriously stingedpied. I'm not that tiped,
do you know what I mean? Because I do think
the money is for enjoying along the way, and particularly
as parents, when we've got these small people, we do
(06:33):
want to give them those experiences that they're going to remember.
So there is a line where maybe not the counting
out the toilet paper. Maybe that's something that's going to
stick with you in a negative way through your life perhaps,
but you do want to give them that sort of
enjoyment without the indulgence and the appreciation where the money
is coming from and where it's going, what it's getting you.
Speaker 1 (06:55):
So you go into schools and give talks. Let me
make a provocative statement to you. The stuff that you
share with kids in schools is probably going to have
a fairly small impact on the way they approach money
in comparison to what they're learning day in day out,
breathing in in the environment. With what their parents are
saying about money fair one.
Speaker 3 (07:16):
Hundred percent accurate. And I mean, you know, I do
what I can, and what I do in schools is
more at that very last, you know, exit from the
school gate. Hey, guys, be really careful. I do a
lot of he's what you haven't learned in school. You know,
it's an incursion right at the very end. The sort
of exams are done and dastard and it's like you're
(07:37):
going to have a credit score US style very very soon.
You need to protect that with your life, because your
life really does you know, really affects your life. You
need to be really careful about debt. You need to
be really careful about putting your name on leases and
about the liability of that. You are going to get
targeted by funky fintech companies because that's your generation who
(07:57):
are going to want to clip your ticket. They're going
to offer you all this liberation of spending, all these
ways that we didn't have of getting money that we
haven't earned.
Speaker 4 (08:05):
Right there.
Speaker 3 (08:06):
Used to be one needs to be bank guard introduced
in the nineteen eighties. Now there's about twenty different ways.
Speaker 4 (08:10):
Of getting it.
Speaker 3 (08:11):
So I think it kids, you just got to be
really aware that all this kind of free money is
not free at all. And the impact of interest rates
that's another one, but just really really key to your
future life. You know, you pay too much on your
mortgage and you go way backwards.
Speaker 1 (08:24):
So let's talk about kids from let's say eight and up,
maybe ten and up somewhere around there. Okay, so they're
old enough now that they're earning some pocket money, they've
got access to perhaps their parents' credit card when they
jump online and they're playing Roblocks or something like that
and Fortnite, or they've got a part time job perhaps
and they're starting to earn money.
Speaker 2 (08:43):
What are the biggest.
Speaker 1 (08:44):
Money traps that parents don't usually talk to their kids about,
but the kids definitely get caught up in.
Speaker 4 (08:51):
Well.
Speaker 3 (08:51):
I think what it is is not getting that broader
picture of what money can do for you. I think
that's the key thing that parents need to pass on
very quotely entwined with that is the idea about being
able to delay gratification. That's a really key lenny, and
every parent knows that, you know, as beings, we arrive
hardwired at some level of being able to delay gratification,
(09:15):
either wear a consumer or wear a delayer, and that's
kind of been built to us with us. And it's
a parent's responsibility to kind of show their children just
what they can achieve if they just delay that. Food
is the fantastic proxy for money in small children. So
you can kind of start getting these attitudes across to
your children very very early, and you know, talk about
(09:36):
the concept of future. You may you eat that all
that chocolate bar right now, you're going to be super
sad this afternoon.
Speaker 4 (09:41):
Won there's a chocolate bar left.
Speaker 3 (09:43):
If you have half a hour and half later, imagine
you'll be double happy. And you know that idea of
you know, justin knows that I'm a bit of deputy
of chocolate. So I actually hearing these tools to get
across these messages is really really great.
Speaker 4 (09:55):
And then it's about the goal targeting.
Speaker 3 (09:57):
You know, no matter what the money is, if you
grow as the kids have ten, what are they going
to do with it? What is the magic money slit
that means that they're going to enjoy it as much
as possible, rather than just fresher it and have it disappear.
Speaker 1 (10:09):
We've always done this thing with our kids, where we've
had them set a goal. They look at how much
income they have. I mean, when they're getting pocket money,
it's very very clear. But even once they get their
part time jobs, they've got a pretty decent sense of
how much money they're going to earn on a week
tweek basis. And we'll set like a three month or
a six month or even a twelve month goal with them,
what are you working towards? How much you think you
can put away? And they'll give us that number, and
(10:31):
then we'll say, all right, what would a stretch goal
look like? And so they might add an extra hundred
bucks or an extra five hundred bucks, again depending on
their age and what their income is. And then we'll
say to them, here's the thing. If you hit that
stretch goal, we'll bonus you by this amount. Sometimes we'll
match it, other times we'll give them a percentage of
it. It just depends on how big that goal is. Now
we're going ourselves, but the idea there is to teach
(10:53):
them that if they can delay that gratification for the
three months or the six months, if they can think
about future to me rather than present me, that the
benefit to them down the track is going to be
a really significant payoff. What's your take on that? And
do you have any other strategies that can help to
teach these principles.
Speaker 3 (11:13):
Yeah, Look, I love the idea of the stretch goal.
I think that's really good branding. It's all about the
brandings of kids, all about the gearick and like the
cut through to to make that really land. A love
idea with stretch goal. So what you're embodying there is
this thing of pain in the game. So as humans, adults, children, whatever,
we know that something that's given to us is just
(11:36):
not appreciated as much as something that we strive for
and earn, write anything, right, you know, bars goods, whatever.
So the idea of pain in the game and a
stretch goal of hey is my fifty percent here?
Speaker 4 (11:49):
Is your fifty percent here?
Speaker 3 (11:50):
And that being expandable based on incentivizing spending up and
up and up is a really great mechanism of again
and powering children to show them that they can make
a real, real difference.
Speaker 4 (12:04):
One of the things that I do.
Speaker 3 (12:05):
Is, you know, I tell to you a little bit
about interest and the implication of that. A lot of
the kids that I talk to in schools, you know,
these sort of seventeen eighteen year old, you know, adults,
they feel really disempowered. They feel like property prices are
out of their reach. They feel like they're going to
give up before they try, because you know, the economy
is such that they're not going to succeed anyway, which
(12:26):
is a really super dangerous set. And so I say
to them, you know what the thing is that you
have an asset that is so powerful on your side
that your parents don't have, that no other adult has.
And of course that act is time, right, So the
earlier you start saving and investing, the cheaper and easier
it is, the more powerful that is.
Speaker 4 (12:47):
And the time to start is today.
Speaker 3 (12:48):
So I just give them a really straight up example,
which I you know, I would tremend to parents. If
you start saving six dollars a day from the day
you finish school, and you get an eight percent investment
return under standard, you know, over the long term you'll
be a millionaire by sixty to six bucks a day.
You wait till fifty you're going to have to save.
With apologies to everyone at the other end of this scale,
(13:10):
one hundred and seventy nine dollars a day. Wow, So
that you speaks to the amazing impact that time has
and the earlier they start, the cheaper. It is like
we're talking micro savings that can make an absolute maximum difference.
And if you put numbers on it like that. Here's
another one for parents. Right of that million dollars, a
(13:31):
child who starts saving the minute they leave school gets
nine hundred thousand dollars for free. They only save one
hundred thousand dollars of it themselves, and that's where that
magical compound interest comes in. That's the beautiful thing about it.
Whereabout a literally poor fifty year old has had to
save six hundred and fifty thousand bucks or thereabouts themselves.
(13:52):
So you know, it's really incredible. If we can just
incentivize our children and stretch them by matching to show
them just how far they could go with whatever money
and limited resources they have, then that's future changing.
Speaker 4 (14:07):
It really is.
Speaker 2 (14:08):
It's to get rich slow strategy.
Speaker 4 (14:11):
Line, and they can do it because they've got the
time to do it.
Speaker 1 (14:13):
I turned fifty this year and I'm currently me too,
trying to work out how I'm going to put away
one hundred and eighty dollars a day for the next
ten years. I know, I know, it's the kind of
is now you mention it right, kids, It'll be fine.
I did go and have six children, which certainly made
it hard to put.
Speaker 2 (14:34):
Them anyway well to look after you. Just hopefully they'll
be able to do that.
Speaker 1 (14:38):
Thanks for the yeah, the good news. It can be
helpful for kids to learn the basics of how finances work,
especially in this digital age of invisible money. Kit is
a pocket money app and card built by Combank. It
(15:00):
helps kids learn about money through earning, saving, and spending
pocket money, as well as by playing fun games and quizzes.
Speaker 2 (15:07):
Kit is free for.
Speaker 1 (15:09):
Eligible Combank Yellow customers, t's and c supply, or just
fifty dollars a year for up to five children. Download
the app or visit haykit dot com dot Au. You
can also download kits free pocket Money one O one
guide from the kit website at Heykit dot com dot
Au TMD available on the website. Consider it appropriate for you, Nicole,
(15:30):
I want to ask you a couple other questions as
a parent who sometimes feels a little bit lost when
it comes to financial conversations and so many parents do
are any Are there any tools that you think are
really useful that are available online to help them, maybe
even yours? And for what it's worth, this is not
a setup question, like I'm asking out of genuine interest.
(15:51):
I don't know where you're going to go with this,
so I just want to be really clear about that.
We haven't planned this ahead of time.
Speaker 4 (15:57):
Yeah, and look, don't feel like you're alone. You know.
Speaker 3 (16:00):
They're studied by the Extra Foundation, which does not for
profit financial literacy in schools, which involves the amazing Paul Clitho,
who was involved in the governmental financial literacy push as well.
A recent study of THEIRS shows that all parents understand
that money smarts is a really important lesson for their kids.
Twenty four percent of them feel like they don't have
(16:21):
the head around it themselves, you know, might one in
five don't know where to start teaching kids about money.
Speaker 4 (16:27):
So it's a really really common thing.
Speaker 3 (16:30):
So in terms of tools to help, there's actually a
lot out there for parents. So in terms of skilling
up yourself, take take a look at the moneysmart dot
gov dot AU website. Lots of really small, targeted, factually
correct information on there to just lift your own aptitude
(16:50):
just that little bit. And then there's a couple of
great pocket money apps that are available in Australia, which
I like, we have migrated between a few. You know,
money is earned, not bestowed. I believe that kids need
to work for their pocket money. I think that's really important,
and these apps let you kind of set those criteria
(17:11):
for your kids and tick them off and then show
them when and why they're getting their money delivered. And
they have kidtastic celebrations around the fact that go, you
look what you've achieved. You've done this yourself, and now
how are you going to split this money to make
it maximum enjoyment from you to reap the rewards of
what you do. So the couple here there's Spriggy, which
(17:32):
is good. It's got some really great interfacing features for
children to give them that goal targeting which is just
so important. No interest earned on that one, which is
a problem. Then you've got kit which is backed by
the Commonwealth Bank. Now let me just stay upfront that
I was a very vocal critic of the previous Commonwealth
(17:52):
Bank you know, school banking, et cetera, which.
Speaker 4 (17:54):
Was banned several years ago. Now this new iteration is
very good.
Speaker 3 (17:59):
So it does the kid tactic celebrations, It split the
money automatically into the goals, and then it's got a
bank account hooked to it where the money goes directly
in and earns interest for your children. So rather than
kind of paying for the app and paying to let
someone keep your money, which is sort of a bad
adult lesson, you actually earn the interest straight away. And
(18:20):
there's a lot of merits to that particular app. I'm
just migrating my kids to that one. And the other
thing is just you know, his bank accounts is a
really big deal for a lot of institutions, and just
quietly that's because they're a great customer acquisition final That's
why I think they had been so big in this
state for such a long time.
Speaker 1 (18:36):
I've got to just say, like we've received some pushback
because we've had some CBA advertising, and I get it,
like everyone's going to have to have a bank account, right,
so it's in every financial institution's best interest to do
what they can to acquire people to do their banking.
So I just have to push back against the people
that are saying, well, that's not okay, because hello, it's
(18:56):
like where.
Speaker 2 (18:57):
You're going to put your money, you need to have
an account anyway.
Speaker 4 (18:59):
Go on, you do need to have a bank account.
Speaker 3 (19:01):
And again that comes back to my point about you know,
parents teaching your children the importance of interest, because you
want to be saving into a bank account that has
the very highest amount of interest, that.
Speaker 2 (19:11):
Might not be able take as much money as you
can from the banks.
Speaker 3 (19:14):
Is what is yeah, one d per like why would
you donate it to them? Do you mean like they're
just like us paying too much on our mortgage? Why
would we be giving an institution money? And you know,
again another message of parents can get across on this
one is that no two banks has the best of
two products in my experience ever, So you know, tell
(19:36):
your kids you should have probably a different bank for
your savings account, a different bank for a credit card
if you want to get one, a different bank for
your mortgage. The one institution is not going to take
all of your boxes. So that's a really another important
thing to get across. But here there are a lot
of amazing tools, and there is a lot of resources
being spent by a lot of banks that really bring
(19:58):
their kids savings accoun to life and principle among them
is that goal targeting, which is really life changing.
Speaker 4 (20:05):
For a chile.
Speaker 2 (20:05):
Yeah. Love that.
Speaker 1 (20:06):
The only tool that I've been looking at financially is
superannuation calculators lately. But again that's it fifty thing. It's
a different podcast and different conversation. All right, let's wrap
this up, Nicole. I've really enjoyed chatting with you and
this has been quite insightful and a lot of fun.
One last question for you. If you were just to
give one piece of advice for parents to make financial
(20:29):
lessons stick, what would your most valuable idea be for
parents to go, Okay, yeah, I need to have the
financial chat with my kids and this is the thing
that I need to say. Would it be don't sign
up for months to month plans? Would it be stay
away from Netflix and the gaming apps and gambling?
Speaker 2 (20:47):
Where would you go? What would you say?
Speaker 3 (20:49):
I'd say the key thing is for parents to talk
the talk, right. So the difficulty in you know, you
have the chats, you have chats with kids, you can
have them about the money. You can have the theoretical
aspect to it. They're less likely to land than watching
you every single time you transact, especially digitally, right going
(21:14):
hey kids, I know you know the tap trap. I
know I'm tapping this card, but that's because the money
is coming out, the money is actually in there, and
I'm spending money I already have and I've been careful
about how I've spent that money. I've spent the less
the leaks I can possibly do. I've bought something that
I wanted to buy in the first place. I haven't
given into impulse, and I'm responsibly spending.
Speaker 4 (21:34):
I think if they if.
Speaker 3 (21:36):
They see you doing that, if you model being that
model money citizen, then that's going to get that biggest
cut through. You know, you've started off saying, you know
what difference am I really going to make? Going to
schools and having that one talk with kids Equally, you know,
a couple of talks from parents may not have the
same power and impact as watching you do the right
(21:56):
thing and say the right words, even if just quietly
the money is not there and you're spending on credit
or whatever.
Speaker 4 (22:02):
Just talk about the fact that you've earned it.
Speaker 3 (22:05):
You've carefully allocated it and you're going to use it
for the maximum enjoyment for you and your family. And
that could be a long term thing that might not
be today, that might be in a year's time when
you're going to take a holiday, or in five years
time where you're going to stretch stay with them so
that they can buy their first card.
Speaker 1 (22:21):
Love that you've just talked about the tap trap, and
you remind me of something that I would really love
to know. This is a quick fact check question. I
read recently that inserting your card means that you generally
don't pay fees, whereas tapping you do pay fees.
Speaker 2 (22:36):
Is that right?
Speaker 3 (22:37):
That can be true, yes, because that can swing it
to the savings part of your card rather than the
debit or credit part of your card. So yes, it
can be true, depending on the institution and depending on
the merchant. O.
Speaker 1 (22:50):
All right, so again, just one of those things to
teach the kids. It's better to wat to it.
Speaker 4 (22:55):
Yeah, yeah, that's it.
Speaker 3 (22:56):
And legally, if you can't pay by cash, then emerging
is not supposed to be able to charge you that
explicit fee. They've got to wear that themselves. So and look,
cash is another thing we should probably quickly touch on.
I love the use of cash for kids. It's just
really good to bring that sailings to something that is disappearing,
really really quickly. Because the lesson to get at Christ
(23:17):
is it just because you can't see something, it still
runs out.
Speaker 4 (23:20):
That's really really key, so valuable.
Speaker 2 (23:24):
Such a great conversation.
Speaker 1 (23:25):
Nicole Peterson McKinnon is a long time financial literacy campaigner
and educator the in schools, in the media and even
with Parliament. Great to chat with you, and thanks for
giving up some time to help us be more financially literate. Nicole.
Speaker 4 (23:40):
Lovely to chat with you. Justin.
Speaker 3 (23:41):
I'm going to take my kids dropping and I'm going
to walk my talk.
Speaker 1 (23:45):
Have fun, don't buy too much, set a budget, be careful,
use cash, don't tap good fun.
Speaker 2 (23:50):
Thanks so much.
Speaker 1 (23:51):
The Happy Families podcast is produced by Justin Roland for
Bridge Media. Mem Hammonds provides research and additional admin support.
If you'd like more information about making your family happy,
check out the show notes for more info and visit
Happy Families dot com.
Speaker 3 (24:03):
A you.
Speaker 1 (24:09):
Kit is a pocket money app and card built by Combank.
Kit helps kids learn all about money from earning, saving
and spending their pocket money, through to learning about money
by taking quizzes and playing fun games. It's guilt free
screen time that helps them develop financial confidence. Kit is
free for eligible Combank Yellow customers, t's and C supply,
(24:32):
or just fifty dollars a year for up to five children.
Download the app or visit heykit dot com dot A you.
You can also download Kit's free Pocket Money one O
one guide from the Kit website at heykit dot com
dot AU TMD available on the website. Consider it appropriate
for you,
If you're looking for ways to encourage your kids to
learn about saving and smart spending, check out Kit, a
pocket money app and card built by Combank. It teaches
kids about earning money through chores and saving in buckets
or what Kit calls stacks. Kit is free for eligible
Combank Yellow customers, t's and C supply, or just fifty
(00:23):
dollars a year for up to five children. Download the
app or visit haykit dot com dot Au. You can
also download Kit's free Pocket Money one oh one guide
from the Kit website at haykit dot com dot Au.
TMD available on the website. Consider it appropriate for you.
(00:43):
Teaching children about money is one of those things that
feels tricky. Where do you start? What do you talk about?
What if the children ask a question that you don't
know the answer to. What if it looks like you
might start teaching them things about money that aren't going
to be in their best interests.
Speaker 2 (00:58):
Like the stakes feel high if you get it wrong.
Speaker 1 (01:02):
Or maybe we're just too neurotic about it, and the
psychology of money has gotten into our head so much
that we don't know what we're doing and we just
need to trust our gut Caulday and welcome to the
Happy Families podcast, Real Parenting Solutions every day on Australia's
most downloaded parenting podcast. My name is doctor Justin Couson today,
I'm joined by Nicole Petterson McKinnon. Nicole's a longtime financial
literacy campaigner and educator across newspapers, online, on TV, radio,
(01:25):
on stages around Australia. She's had a weekly advice column
for twenty years in the Cidney Morning Herald, Age, The
Brisbane Times and WA Today twenty years.
Speaker 2 (01:36):
Nicole gives speeches with her.
Speaker 1 (01:37):
Lived advice to prosper She regularly MC's events, including multiple
Canberra Parliamentary breakfasts for asik or is it is it
assic or acik? I say acic and I feel like
I'm saying it wrong. What do you think, Nicole?
Speaker 3 (01:51):
I think it might be ethic, but you know, potato Festado,
it doesn't really matter.
Speaker 4 (01:55):
Everyone gets it.
Speaker 1 (01:56):
I like the sound of acic better, but for some
reason it just comes out wrong every time. And the
Australian Government Financial Literacy Board updating members of Parliament in
Australa's financial literacy progress. A couple of other things, I mean,
such a long and impressive bio. Since twenty fourteen, Nicole's
delivered her Smart Money Start incursion in schools, and she
was recently the guest judge for the ATOS Tax Super
and You High Schools competition. Nicole has won the top
(02:19):
Award for Money journalism in the UK and Australia. Is
the author of How to Get Mortgage Free Like me.
I feel like I need more of you in my
life and we haven't even properly met you, Nicole, I
would like to be mortgage free like you.
Speaker 3 (02:30):
Well, full disclosure, I now have a small mortgage because
that was my first mortgage that I became mortgage free of.
Speaker 1 (02:36):
But yes see, that's the thing, isn't it. You get
mortgage free, but then you buy a bigger house.
Speaker 3 (02:41):
Well that's exactly what happens right at the time.
Speaker 4 (02:43):
But that's the process, and that's a good thing. The
more equity, the beout it.
Speaker 1 (02:46):
All right, Well, well, I'd love to talk to you
about me and make this a special Justine calls in session.
But that's not what everyone is listening for. Everyone's listening
because they want to know about how to talk to
their kids about money. You've been going in and out
of schools talking about this and writing these columns for
twenty years. Is just before we get into the nitty
gritty of the questions. I'd love to know, how do
you become the money expert? How do you become the
(03:06):
person who writes about this stuff?
Speaker 3 (03:09):
Well, I think to this point and to this podcast,
I think that I was kind of bred for it,
which is.
Speaker 4 (03:15):
A really weird thing.
Speaker 3 (03:16):
And I'm not sure that my parents realized they were
doing it, but I am. I am the daughter of
an English teacher and an accountant, so I kind of
think that naturally becomes the financial literacy kind of fare.
And what I would say is that in my house
growing up, money was on the menu.
Speaker 4 (03:34):
Like, we talked about money all the time.
Speaker 3 (03:35):
And what's really interesting is a brand new poll out
by a finder that says that forty peopercent of families
only speak about money with their children. So I do
think it's that awareness, you know, because this help is
not rocket science. It's actually not like the fundamental though,
is attitude not aptitude. It's great parents can give their
(03:56):
kids both, but they've got to start with the attitude.
And that's sort of about you know, talking the talk.
Speaker 1 (04:02):
Yeah, this is not anywhere that I thought the conversation
was going to go. But let's stay on this for
a second. I think that is really important attitude towards money.
Some people's psychology around money is money in, money out.
It's just money. It comes, it goes. Other people have
got the attitude, what do you think money grows on trees? Well,
it doesn't. Our psychology around money can be kind of
(04:23):
messed up, right, it can.
Speaker 4 (04:24):
Be really messed up.
Speaker 3 (04:25):
And you know, particularly when we're in an environment where
families have been stretched and stressed for at least the
past three years. Wow, And we do need to be
really careful about you know, there's a lot of talk
about eco anxiety now among children. I believe economic anxiety
is something that we can pass on to our kids
if we sort of convey too much of that the
(04:45):
pressure that's around us, and they're not being able to
avoid things, et cetera, without the empowerment to go. You
know what, kids, We're going to make concrete decisions today.
We're going to save money there, we're going to cut
back on that here, we're going to target this long
term thing, going to really really enjoy and we're all
going to get to achieve together, just giving them those
little little teeny crumbs of input that makes them feel
(05:08):
empowered and in control and set them lot for a
better life.
Speaker 2 (05:12):
Yeah, this is really interesting.
Speaker 1 (05:13):
As you're saying that, I'm reflecting on one of my
mates that I grew up with. His dad was Scottish.
Obviously there's a pretty strong stereotype around the Scots and money.
I'm not saying it's true, but the stereotypes are there
for a reason anyway, the territory. Yeah, so my friend Richard,
his dad was Scottish, his mum was English, and they
were tight. Like one day they were taken into the
(05:34):
bathroom and told how many squares of toilet paper they
were allowed to use when they went to the toilet.
It was like that super super super tight. But we
used to mock our friend Richard because if we were
going to buy takeout after we'd been surfing as teenagers,
he would choose KFC over Yuck Donald's because the straws
were skinnier and therefore the drinks lasted longer.
Speaker 4 (05:56):
Yeah. Well that's amazing, isn't it. And luck we've all
got those friends. You know. I've got a friend who
at university, lived on Maggie noodles and vitament tablets.
Speaker 3 (06:04):
Very financially secure right now, because that was okay with her.
I'm not, you know, not financial advice. It's also not
nutritional advice.
Speaker 4 (06:11):
Yeah, yeah, you know.
Speaker 3 (06:13):
And you know that person who took their own banana
and wanted to discount for the banana smoovie, because you know,
that's how that's where their mindset was at with money.
I am not like, I'm notoriously stingedpied. I'm not that tiped,
do you know what I mean? Because I do think
the money is for enjoying along the way, and particularly
as parents, when we've got these small people, we do
(06:33):
want to give them those experiences that they're going to remember.
So there is a line where maybe not the counting
out the toilet paper. Maybe that's something that's going to
stick with you in a negative way through your life perhaps,
but you do want to give them that sort of
enjoyment without the indulgence and the appreciation where the money
is coming from and where it's going, what it's getting you.
Speaker 1 (06:55):
So you go into schools and give talks. Let me
make a provocative statement to you. The stuff that you
share with kids in schools is probably going to have
a fairly small impact on the way they approach money
in comparison to what they're learning day in day out,
breathing in in the environment. With what their parents are
saying about money fair one.
Speaker 3 (07:16):
Hundred percent accurate. And I mean, you know, I do
what I can, and what I do in schools is
more at that very last, you know, exit from the
school gate. Hey, guys, be really careful. I do a
lot of he's what you haven't learned in school. You know,
it's an incursion right at the very end. The sort
of exams are done and dastard and it's like you're
(07:37):
going to have a credit score US style very very soon.
You need to protect that with your life, because your
life really does you know, really affects your life. You
need to be really careful about debt. You need to
be really careful about putting your name on leases and
about the liability of that. You are going to get
targeted by funky fintech companies because that's your generation who
(07:57):
are going to want to clip your ticket. They're going
to offer you all this liberation of spending, all these
ways that we didn't have of getting money that we
haven't earned.
Speaker 4 (08:05):
Right there.
Speaker 3 (08:06):
Used to be one needs to be bank guard introduced
in the nineteen eighties. Now there's about twenty different ways.
Speaker 4 (08:10):
Of getting it.
Speaker 3 (08:11):
So I think it kids, you just got to be
really aware that all this kind of free money is
not free at all. And the impact of interest rates
that's another one, but just really really key to your
future life. You know, you pay too much on your
mortgage and you go way backwards.
Speaker 1 (08:24):
So let's talk about kids from let's say eight and up,
maybe ten and up somewhere around there. Okay, so they're
old enough now that they're earning some pocket money, they've
got access to perhaps their parents' credit card when they
jump online and they're playing Roblocks or something like that
and Fortnite, or they've got a part time job perhaps
and they're starting to earn money.
Speaker 2 (08:43):
What are the biggest.
Speaker 1 (08:44):
Money traps that parents don't usually talk to their kids about,
but the kids definitely get caught up in.
Speaker 4 (08:51):
Well.
Speaker 3 (08:51):
I think what it is is not getting that broader
picture of what money can do for you. I think
that's the key thing that parents need to pass on
very quotely entwined with that is the idea about being
able to delay gratification. That's a really key lenny, and
every parent knows that, you know, as beings, we arrive
hardwired at some level of being able to delay gratification,
(09:15):
either wear a consumer or wear a delayer, and that's
kind of been built to us with us. And it's
a parent's responsibility to kind of show their children just
what they can achieve if they just delay that. Food
is the fantastic proxy for money in small children. So
you can kind of start getting these attitudes across to
your children very very early, and you know, talk about
(09:36):
the concept of future. You may you eat that all
that chocolate bar right now, you're going to be super
sad this afternoon.
Speaker 4 (09:41):
Won there's a chocolate bar left.
Speaker 3 (09:43):
If you have half a hour and half later, imagine
you'll be double happy. And you know that idea of
you know, justin knows that I'm a bit of deputy
of chocolate. So I actually hearing these tools to get
across these messages is really really great.
Speaker 4 (09:55):
And then it's about the goal targeting.
Speaker 3 (09:57):
You know, no matter what the money is, if you
grow as the kids have ten, what are they going
to do with it? What is the magic money slit
that means that they're going to enjoy it as much
as possible, rather than just fresher it and have it disappear.
Speaker 1 (10:09):
We've always done this thing with our kids, where we've
had them set a goal. They look at how much
income they have. I mean, when they're getting pocket money,
it's very very clear. But even once they get their
part time jobs, they've got a pretty decent sense of
how much money they're going to earn on a week
tweek basis. And we'll set like a three month or
a six month or even a twelve month goal with them,
what are you working towards? How much you think you
can put away? And they'll give us that number, and
(10:31):
then we'll say, all right, what would a stretch goal
look like? And so they might add an extra hundred
bucks or an extra five hundred bucks, again depending on
their age and what their income is. And then we'll
say to them, here's the thing. If you hit that
stretch goal, we'll bonus you by this amount. Sometimes we'll
match it, other times we'll give them a percentage of
it. It just depends on how big that goal is. Now
we're going ourselves, but the idea there is to teach
(10:53):
them that if they can delay that gratification for the
three months or the six months, if they can think
about future to me rather than present me, that the
benefit to them down the track is going to be
a really significant payoff. What's your take on that? And
do you have any other strategies that can help to
teach these principles.
Speaker 3 (11:13):
Yeah, Look, I love the idea of the stretch goal.
I think that's really good branding. It's all about the
brandings of kids, all about the gearick and like the
cut through to to make that really land. A love
idea with stretch goal. So what you're embodying there is
this thing of pain in the game. So as humans, adults, children, whatever,
we know that something that's given to us is just
(11:36):
not appreciated as much as something that we strive for
and earn, write anything, right, you know, bars goods, whatever.
So the idea of pain in the game and a
stretch goal of hey is my fifty percent here?
Speaker 4 (11:49):
Is your fifty percent here?
Speaker 3 (11:50):
And that being expandable based on incentivizing spending up and
up and up is a really great mechanism of again
and powering children to show them that they can make
a real, real difference.
Speaker 4 (12:04):
One of the things that I do.
Speaker 3 (12:05):
Is, you know, I tell to you a little bit
about interest and the implication of that. A lot of
the kids that I talk to in schools, you know,
these sort of seventeen eighteen year old, you know, adults,
they feel really disempowered. They feel like property prices are
out of their reach. They feel like they're going to
give up before they try, because you know, the economy
is such that they're not going to succeed anyway, which
(12:26):
is a really super dangerous set. And so I say
to them, you know what the thing is that you
have an asset that is so powerful on your side
that your parents don't have, that no other adult has.
And of course that act is time, right, So the
earlier you start saving and investing, the cheaper and easier
it is, the more powerful that is.
Speaker 4 (12:47):
And the time to start is today.
Speaker 3 (12:48):
So I just give them a really straight up example,
which I you know, I would tremend to parents. If
you start saving six dollars a day from the day
you finish school, and you get an eight percent investment
return under standard, you know, over the long term you'll
be a millionaire by sixty to six bucks a day.
You wait till fifty you're going to have to save.
With apologies to everyone at the other end of this scale,
(13:10):
one hundred and seventy nine dollars a day. Wow, So
that you speaks to the amazing impact that time has
and the earlier they start, the cheaper. It is like
we're talking micro savings that can make an absolute maximum difference.
And if you put numbers on it like that. Here's
another one for parents. Right of that million dollars, a
(13:31):
child who starts saving the minute they leave school gets
nine hundred thousand dollars for free. They only save one
hundred thousand dollars of it themselves, and that's where that
magical compound interest comes in. That's the beautiful thing about it.
Whereabout a literally poor fifty year old has had to
save six hundred and fifty thousand bucks or thereabouts themselves.
(13:52):
So you know, it's really incredible. If we can just
incentivize our children and stretch them by matching to show
them just how far they could go with whatever money
and limited resources they have, then that's future changing.
Speaker 4 (14:07):
It really is.
Speaker 2 (14:08):
It's to get rich slow strategy.
Speaker 4 (14:11):
Line, and they can do it because they've got the
time to do it.
Speaker 1 (14:13):
I turned fifty this year and I'm currently me too,
trying to work out how I'm going to put away
one hundred and eighty dollars a day for the next
ten years. I know, I know, it's the kind of
is now you mention it right, kids, It'll be fine.
I did go and have six children, which certainly made
it hard to put.
Speaker 2 (14:34):
Them anyway well to look after you. Just hopefully they'll
be able to do that.
Speaker 1 (14:38):
Thanks for the yeah, the good news. It can be
helpful for kids to learn the basics of how finances work,
especially in this digital age of invisible money. Kit is
a pocket money app and card built by Combank. It
(15:00):
helps kids learn about money through earning, saving, and spending
pocket money, as well as by playing fun games and quizzes.
Speaker 2 (15:07):
Kit is free for.
Speaker 1 (15:09):
Eligible Combank Yellow customers, t's and c supply, or just
fifty dollars a year for up to five children. Download
the app or visit haykit dot com dot Au. You
can also download kits free pocket Money one O one
guide from the kit website at Heykit dot com dot
Au TMD available on the website. Consider it appropriate for you, Nicole,
(15:30):
I want to ask you a couple other questions as
a parent who sometimes feels a little bit lost when
it comes to financial conversations and so many parents do
are any Are there any tools that you think are
really useful that are available online to help them, maybe
even yours? And for what it's worth, this is not
a setup question, like I'm asking out of genuine interest.
(15:51):
I don't know where you're going to go with this,
so I just want to be really clear about that.
We haven't planned this ahead of time.
Speaker 4 (15:57):
Yeah, and look, don't feel like you're alone. You know.
Speaker 3 (16:00):
They're studied by the Extra Foundation, which does not for
profit financial literacy in schools, which involves the amazing Paul Clitho,
who was involved in the governmental financial literacy push as well.
A recent study of THEIRS shows that all parents understand
that money smarts is a really important lesson for their kids.
Twenty four percent of them feel like they don't have
(16:21):
the head around it themselves, you know, might one in
five don't know where to start teaching kids about money.
Speaker 4 (16:27):
So it's a really really common thing.
Speaker 3 (16:30):
So in terms of tools to help, there's actually a
lot out there for parents. So in terms of skilling
up yourself, take take a look at the moneysmart dot
gov dot AU website. Lots of really small, targeted, factually
correct information on there to just lift your own aptitude
(16:50):
just that little bit. And then there's a couple of
great pocket money apps that are available in Australia, which
I like, we have migrated between a few. You know,
money is earned, not bestowed. I believe that kids need
to work for their pocket money. I think that's really important,
and these apps let you kind of set those criteria
(17:11):
for your kids and tick them off and then show
them when and why they're getting their money delivered. And
they have kidtastic celebrations around the fact that go, you
look what you've achieved. You've done this yourself, and now
how are you going to split this money to make
it maximum enjoyment from you to reap the rewards of
what you do. So the couple here there's Spriggy, which
(17:32):
is good. It's got some really great interfacing features for
children to give them that goal targeting which is just
so important. No interest earned on that one, which is
a problem. Then you've got kit which is backed by
the Commonwealth Bank. Now let me just stay upfront that
I was a very vocal critic of the previous Commonwealth
(17:52):
Bank you know, school banking, et cetera, which.
Speaker 4 (17:54):
Was banned several years ago. Now this new iteration is
very good.
Speaker 3 (17:59):
So it does the kid tactic celebrations, It split the
money automatically into the goals, and then it's got a
bank account hooked to it where the money goes directly
in and earns interest for your children. So rather than
kind of paying for the app and paying to let
someone keep your money, which is sort of a bad
adult lesson, you actually earn the interest straight away. And
(18:20):
there's a lot of merits to that particular app. I'm
just migrating my kids to that one. And the other
thing is just you know, his bank accounts is a
really big deal for a lot of institutions, and just
quietly that's because they're a great customer acquisition final That's
why I think they had been so big in this
state for such a long time.
Speaker 1 (18:36):
I've got to just say, like we've received some pushback
because we've had some CBA advertising, and I get it,
like everyone's going to have to have a bank account, right,
so it's in every financial institution's best interest to do
what they can to acquire people to do their banking.
So I just have to push back against the people
that are saying, well, that's not okay, because hello, it's
(18:56):
like where.
Speaker 2 (18:57):
You're going to put your money, you need to have
an account anyway.
Speaker 4 (18:59):
Go on, you do need to have a bank account.
Speaker 3 (19:01):
And again that comes back to my point about you know,
parents teaching your children the importance of interest, because you
want to be saving into a bank account that has
the very highest amount of interest, that.
Speaker 2 (19:11):
Might not be able take as much money as you
can from the banks.
Speaker 3 (19:14):
Is what is yeah, one d per like why would
you donate it to them? Do you mean like they're
just like us paying too much on our mortgage? Why
would we be giving an institution money? And you know,
again another message of parents can get across on this
one is that no two banks has the best of
two products in my experience ever, So you know, tell
(19:36):
your kids you should have probably a different bank for
your savings account, a different bank for a credit card
if you want to get one, a different bank for
your mortgage. The one institution is not going to take
all of your boxes. So that's a really another important
thing to get across. But here there are a lot
of amazing tools, and there is a lot of resources
being spent by a lot of banks that really bring
(19:58):
their kids savings accoun to life and principle among them
is that goal targeting, which is really life changing.
Speaker 4 (20:05):
For a chile.
Speaker 2 (20:05):
Yeah. Love that.
Speaker 1 (20:06):
The only tool that I've been looking at financially is
superannuation calculators lately. But again that's it fifty thing. It's
a different podcast and different conversation. All right, let's wrap
this up, Nicole. I've really enjoyed chatting with you and
this has been quite insightful and a lot of fun.
One last question for you. If you were just to
give one piece of advice for parents to make financial
(20:29):
lessons stick, what would your most valuable idea be for
parents to go, Okay, yeah, I need to have the
financial chat with my kids and this is the thing
that I need to say. Would it be don't sign
up for months to month plans? Would it be stay
away from Netflix and the gaming apps and gambling?
Speaker 2 (20:47):
Where would you go? What would you say?
Speaker 3 (20:49):
I'd say the key thing is for parents to talk
the talk, right. So the difficulty in you know, you
have the chats, you have chats with kids, you can
have them about the money. You can have the theoretical
aspect to it. They're less likely to land than watching
you every single time you transact, especially digitally, right going
(21:14):
hey kids, I know you know the tap trap. I
know I'm tapping this card, but that's because the money
is coming out, the money is actually in there, and
I'm spending money I already have and I've been careful
about how I've spent that money. I've spent the less
the leaks I can possibly do. I've bought something that
I wanted to buy in the first place. I haven't
given into impulse, and I'm responsibly spending.
Speaker 4 (21:34):
I think if they if.
Speaker 3 (21:36):
They see you doing that, if you model being that
model money citizen, then that's going to get that biggest
cut through. You know, you've started off saying, you know
what difference am I really going to make? Going to
schools and having that one talk with kids Equally, you know,
a couple of talks from parents may not have the
same power and impact as watching you do the right
(21:56):
thing and say the right words, even if just quietly
the money is not there and you're spending on credit
or whatever.
Speaker 4 (22:02):
Just talk about the fact that you've earned it.
Speaker 3 (22:05):
You've carefully allocated it and you're going to use it
for the maximum enjoyment for you and your family. And
that could be a long term thing that might not
be today, that might be in a year's time when
you're going to take a holiday, or in five years
time where you're going to stretch stay with them so
that they can buy their first card.
Speaker 1 (22:21):
Love that you've just talked about the tap trap, and
you remind me of something that I would really love
to know. This is a quick fact check question. I
read recently that inserting your card means that you generally
don't pay fees, whereas tapping you do pay fees.
Speaker 2 (22:36):
Is that right?
Speaker 3 (22:37):
That can be true, yes, because that can swing it
to the savings part of your card rather than the
debit or credit part of your card. So yes, it
can be true, depending on the institution and depending on
the merchant. O.
Speaker 1 (22:50):
All right, so again, just one of those things to
teach the kids. It's better to wat to it.
Speaker 4 (22:55):
Yeah, yeah, that's it.
Speaker 3 (22:56):
And legally, if you can't pay by cash, then emerging
is not supposed to be able to charge you that
explicit fee. They've got to wear that themselves. So and look,
cash is another thing we should probably quickly touch on.
I love the use of cash for kids. It's just
really good to bring that sailings to something that is disappearing,
really really quickly. Because the lesson to get at Christ
(23:17):
is it just because you can't see something, it still
runs out.
Speaker 4 (23:20):
That's really really key, so valuable.
Speaker 2 (23:24):
Such a great conversation.
Speaker 1 (23:25):
Nicole Peterson McKinnon is a long time financial literacy campaigner
and educator the in schools, in the media and even
with Parliament. Great to chat with you, and thanks for
giving up some time to help us be more financially literate. Nicole.
Speaker 4 (23:40):
Lovely to chat with you. Justin.
Speaker 3 (23:41):
I'm going to take my kids dropping and I'm going
to walk my talk.
Speaker 1 (23:45):
Have fun, don't buy too much, set a budget, be careful,
use cash, don't tap good fun.
Speaker 2 (23:50):
Thanks so much.
Speaker 1 (23:51):
The Happy Families podcast is produced by Justin Roland for
Bridge Media. Mem Hammonds provides research and additional admin support.
If you'd like more information about making your family happy,
check out the show notes for more info and visit
Happy Families dot com.
Speaker 3 (24:03):
A you.
Speaker 1 (24:09):
Kit is a pocket money app and card built by Combank.
Kit helps kids learn all about money from earning, saving
and spending their pocket money, through to learning about money
by taking quizzes and playing fun games. It's guilt free
screen time that helps them develop financial confidence. Kit is
free for eligible Combank Yellow customers, t's and C supply,
(24:32):
or just fifty dollars a year for up to five children.
Download the app or visit heykit dot com dot A you.
You can also download Kit's free Pocket Money one O
one guide from the Kit website at heykit dot com
dot AU TMD available on the website. Consider it appropriate
for you,
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