We all know that it takes a village to raise a kid, and it also takes the whole whānau to raise financially strong tamariki. If you have young kids, now is the time to get the family together to make learning about money fun, so you can set them up to be financially capable adults. To kickstart this money journey we have teamed up with our friends at the Financial Services Council New Zealand to share their advice, tips and resources on growing financially resilient kids.

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So where to start?

Much has been said about the importance of teaching children about money and how teaching financial literacy to kids is equated to other basic skills.

Diane Morais, president of consumer and commercial banking products at Ally Bank advocates ​“Teaching our children good money habits is really no different than teaching healthy eating habits or good manners... It’s important to have children learn about basic money concepts, such as saving for a goal and spending only what you can afford. It will ultimately help them lead happier, financially stable lives.” 

If you don’t know where to start or even feel like you don’t know enough about finances yourself, advice out there says to learn together. Parents today have a wide array of options when it comes to teaching kids basic financial lessons, from podcasts and books to online courses and mobile apps. Read on to discover some suggestions.

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 Webinar

To kick start your journey, check out the Financial Services Council New Zealand’s It starts with action – Growing Financially Resilient Kids webinar.

 

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 Did you know?

An article highlighting how kids learn about money states the number-one behaviour children learn from their parents is spending habits. How an adult manages their own finances has a lot to do with how they were raised to think about money. Since kids tend to inherit their parents’ spending habits through what they see, it’s a good idea to balance that out with teaching them about the other ways money can be used.

 

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 Why start now?

With greater access to mobiles, online shopping, credit cards and high-interest loans; it’s said that young people today are more at risk of incurring bad debt than any generation before us.

We know that the financial decisions we make have a significant impact on health and wellbeing in the long term. Young people need the knowledge and skills to make positive financial choices to set them up with good habits for the road ahead.

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 Resources, services and programs 

Below are some incredible financial educational resources, services and programs all focused on increasing the financial wellbeing and literacy of children. 

 

Apps/Clubs

​​​Whai Rawa 
Ngā Kaitiaki Moni is a fun and interactive club exclusively for Whai Rawa Tamariki aged 5-15. There are over 1500 tamariki who are in the club. Ngā Kaitiaki Moni members learn about saving and how to be better kaitiaki of their money with activities, competitions and more! Every new member receives a mīharo certificate in the post to celebrate being in the club.

Learn more here.​​​​​​​

​​​Hatch Kids Accounts
Whether your goal is for your child to grow a first house deposit, a million-dollar nest egg, or give them the freedom to chase their dreams, Hatch Kids Accounts are designed to help you give them the financial head start we wish we all had.

Learn more here.

 

Square One
It's a cashless world, so how do we teach our kids about money? When they just see us tap our card every day, it's impossible for them to connect the dots... Where does the money come from? What's it worth in the real world, and how hard is it to get? Enter SquareOne: Pocket money, jobs, savings... In a way they'll understand (and managed by you).

Learn more here.

 

Podcasts

Raising Financial Freedom
Eric Yard hosts this podcast show for parents who want their children to grow up financially smart or free. He talks about old, present and future ways of managing and creating money for the young to learn so that parents can teach it to them. Some of the topics like how to teach kids about using credit cards responsibly, investing, money, debt, and other tips that will help them put their best foot forward in life. 

 

Your Money with Mary

Episode: Getting a head start on wealth - Is a young person better to go into an apprenticeship, or an undergraduate degree?

Kiwi investment author and columnist Mary Holm talks to Jesse Mulligan every fortnight about her top tips for how to make your money work. In this particular episode, she discusses whether a young person is better to go into an apprenticeship or an undergraduate degree. Mary discusses many other topics that are worth checking out too.

 

We hope you find these resources useful for beginning the first steps to talking to your children about money and raising their financial awareness.

 

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LAST CHANCE TO ENTER: Why Does Money Matter video competition

The Financial Services Council New Zealand are helping kids get a better understanding about money habits through a video competition. Kiwi kids can enter their 3-minute video, showcasing what good money habits look like to them, and go in the draw to win a share of $10,000 worth of prizes for their school!

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Resources

https://www.cnbc.com/select/how-kids-learn-about-money/ 

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