- Aussie kids think it’s more important to save for things they want (49 per cent) over things they need (43 per cent).
- Two thirds of Aussie kids (68 per cent) like saving more than they like spending.
- Three quarters of kids (77 per cent) understand they can get more money from doing extra jobs around the house.
- Half of Aussie kids know what a budget is (50 per cent), whereas one in five (22 per cent) think a ‘budget’ is simply a sheet of paper with numbers on it.
- Children from households with less than $50,000 annual income score similar results (66 vs. 67) to those from families earning over $150,000 – and higher than kids from mid-income households.
- Saving: Before your child buys something, showing them some of the other things they could get with the same amount of money may help them to make a responsible decision. If they want to buy a $100 item, you could equate this to 6 trips to the movies to demonstrate the scale of their purchase.
- Spending: Avoid impulse purchases. Help your child understand that thinking carefully before they buy will ultimately mean they get more of the things they actually value.
- Earning: Consider giving your child pocket money – it's a good way to teach them about the value of money and where it comes from. Reward them for jobs they do, giving them responsibility around the house and creating opportunities for them to earn additional money from doing extra tasks.
- Budgeting: Help them set up a simple budget plan. Factor in the cost of the item they're saving for, how much pocket money they can contribute each week and how many weeks it will take to reach the goal. It doesn’t have to be a spreadsheet, a budgetlist of money milestones underneath it!
- Investing (or growing your money): Introduce the use of big piggy bank or their very own bank account that can act as a minder of their money until they’re ready to use it. You can then begin to explain the idea of earning interest and teaching them how they can grow their money. For example, offer your child the option of doubling their pocket money if they save it or complete extra tasks.