Teaching Children a Lifetime of Good Financial Habits
Any Perth financial planner can tell you that it’s never too early to start saving money, but we are serious about it. We believe that children should be taught good financial habits as early as possible. MoneySmart, the website of the Australian Securities & Investments Commission (ASIC), agrees with us.
Recently, we spent some time on the ASIC website and looked at an article called “Teaching Kids About Money.” According to ASIC, it is more important to teach kids about money now than in any previous generation. They believe that teaching kids about money will help them make better decisions as adults.
Budgeting, Spending and Saving: Crucial Skills
ASIC recommends teaching children how to budget, spend and save money as early as possible. They see it as a vital part of a child’s development. They have a video on the website called “Teaching kids how to budget to become financially savvy.” We recommend this video to children. Not only does it do exactly what it says, it also tells children about two MoneySmart apps: Budget Planner and TrackMySpend.