Raising Money Confident Kids

Welcome to Smart Private Wealth • Learning Centre • Insights

Raising money confident kids.

Set your kids up for financial success by teaching them about money and taking care of your own financial wellbeing.

It can be challenging to help children understand the concepts of spending and saving when they watch you ‘tap’ and ‘swipe’ instead of handing over physical money. Recent research from the Financial Planning Association (FPA) [1] reveals that 68% of Australian parents are reluctant to speak to their kids about money, or they don’t know where to start. But the report also revealed that children whose parents talk to them about money are more curious, confident and financially literate than their parents were at their age. And parents who receive financial advice are much more likely to feel comfortable talking to their kids about money.

Summary

	What type of money parent are you?
	Learning from ‘engaged’ money parents
	How you can look after your own financial wellbeing and role model good money behaviour
	Start a conversation today

What type of money parent are you?

The FPA found that parents fall into one of four categories when it comes to talking to their kids about money:

RELAXED 22%

You feel very comfortable talking to your kids about money and are transparent about money matters, but your conversations are infrequent and unplanned.

ENGAGER 30%

You feel comfortable talking to your kids about money and encourage good money behaviour through frequent and in-depth conversations.

AVOIDER 29%

You don’t feel comfortable talking to your kids about money and have infrequent conversations, or none at all.

TROOPER 19%

You don’t feel comfortable talking to your kids about money, but you do it anyway – even though you often feel awkward or uncertain when doing so.

Learning from ‘engaged’ money parents

Engaged money parents raise children who are equipped to deal with the digital money world, and teenagers who are prepared for the financial aspects of their first jobs.

Here are some actions you can take today to become an engaged money parent:

Give your kids pocket money from a young age so they can learn about spending and saving (the average amount of pocket money ranges from $6.20 a week for kids under nine years old to $17.60 for teenagers) [2]
Play shopping games with younger children to build their financial literacy and help them learn about ‘needs’ vs ‘wants’
Teach your kids about different types of money, e.g. cash, credit cards, in-app purchases, cryptocurrency
Include your children in household discussions about family finances
Use online tools and resources to engage your kids’ interest and attention – like the Government’s MoneySmart website (www.moneysmart.gov.au)
Encourage older children to get an after-school job to teach them about budgeting, tax and superannuation.

How you can look after your own financial wellbeing and role model good money behaviour

The number one reason parents give for being unable to talk to their kids about money is not feeling good about their own financial situation. [3]

Children learn money habits from their parents – both good and bad – so it’s important to be a good money role model for your children by taking care of your own financial wellbeing and building your financial literacy and confidence.

Start a conversation today

Seeking advice from a financial adviser can help boost your financial confidence, with a plan in place that creates a lasting, positive legacy for your children and grandchildren. By taking care of your own finances first, you can lay the foundations for a better financial future for your whole family.

Ready to control your finances?

We can help you to understand the intricacies of investing, taxation, and the ever-changing legislation around superannuation. Our finance advice can really make a difference to you by helping you identify realistic goals, and put strategies in place to achieve them.

DISCOVER MORE DISCOVER MORE

Important information: This document contains general advice. It does not take account of your objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.

[1] Financial Planning Association of Australia, Share the dream: research into raising the invisible money generation, August 2018.
[2] Financial Planning Association of Australia, Share the dream research into raising the invisible money generation, August 2018.
[3] Financial Planning Association of Australia, Share the dream research into raising the invisible money generation, August 2018.

13 May

What Happens to Your Wealth When You Die?

Estate planning isn’t just for the wealthy or elderly—it’s for anyone who wants peace of mind that their hard-earned assets will be passed on the way they intend. Yet, it remains one of the most overlooked areas of financial management.

Episode 19: Building Your Future - Property Investment with Super

Shannon Smit dives deep into the compelling world of using self-managed super funds (SMSFs) to invest in property. With her signature energy and expertise, Shannon explains the mechanics of SMSFs, contrasting them with retail and industry super funds, and revealing the unique power they offer individuals to take control of their financial future.

Episode 18: From 2 to 10 - Building a Self-Sufficient Property Portfolio

What does it take to turn a modest property portfolio into a self-sufficient powerhouse? In this episode of The Accountant That Builds, Shannon Smit invites you into the fascinating journey of property investment, revealing the key steps, strategies, and mindset shifts that can transform two properties into a thriving, cash flow-neutral portfolio.