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Q: Should financial literacy such as savings plans, credit scoring, personal finance, credit cards, interest rates, home loans, interest calculations, buying and selling and the value of money all form an important component of the high school curriculum?
A: Teaching kids about money is obviously an important skill.
Like all habits or skills, it's easier when developed from an early age and money skills are no different.
The more financially savvy your children are the better spending decisions they will make throughout their lives.
I think teaching everyday challenges and topics as part of the school curriculum is a great idea, but I think parents being good "financial role models" is a crucial part of the puzzle too.
Kids learn from watching their parents all the time (good and bad) and these behaviours are formed very early, so maybe its a case of learn the theory at school and learn the practical from their parents.
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Q: A good friend set the ground rules for his 16-year-old daughter when she got part-time work. She could spend 50% of what she earned but the remaining 50% had to be deposited into a savings account.
I'd like to ask about the strategies others have in play to help teach kids the value of money and the value of saving?
A: My children are 10 & 8 we have started using Spriggy cards for their weekly pocket money (based on their respective ages age)
It goes on their cards each week and they can see it growing via an app on their phone.
It is a VISA card with "Tap & Go" so they can also spend and see the balance drop when they make a transaction.
It's definitely helping them understand and manage "their" money and plan their savings for bigger items.
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