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For your family – I wish I’d known then

Walking, talking, dealing with life's ups and downs. We teach our kids many essential life skills. But can we help them become financially responsible, and ultimately independent? As every parent knows, kids learn as much from what we do as from what we say.

First step

Make sure your money management practices set a good example.

Consider

  • Establishing jobs, outside of household chores, which can earn them pocket money.
  • Showing them how to set money aside from their pocket money to save for something they might want.
  • Setting up a bank or credit union account for them so they can watch their savings grow over time, and learn about interest.
  • As they move into the teenage years, start paying pocket money fortnightly or even monthly so they can learn how to make their money last.

Useful sources of information

www.kids.nsw.gov.au – a range of online resources and publications for kids provided by the NSW Commission for Children and Young People

To The Max– a comic-book guide that deals with everyday financial issues faced by many young people, including mobile phone debts, credit cards, car finance and insurance and practical tips about how to avoid financial pitfalls, and advice on where to go to for help if young people fall into financial difficulty, produced by the Australian Securities and Investments Commission.

Money stuff – an online consumers guide for youth (including useful information on using credit) provided by the NSW Office of Fair Trading.

Understanding money— Australian Government website helping you to understand how money pays off.