Teaching Your Children About Money


When a child is born, do parents think they are going to understand things financial ? When you have a child, you are just hoping for a healthy one, which is understandable. I know that’s what I was hoping for. With the way the world is today, things financial should be taught at school.

Saving for a mortgage
Living to a budget
Student Loan
Kiwi Saver ( NZ Saving )

Do children really need to know all the History/Social Science stuff
that they are taught today ? Wouldn’t they be better to be taught
things that will be used down the track / later in life ?

It’s said that few parents talk about money. Some children may be
afraid to ask questions about money/finances. It could be a touchy
subject at home. It’s a tough world we live in.Parents could be
thinking that children need to be children. They shouldn’t be worried
about money / paying bills/mortgages. This is correct. But money is in
the future, just like sex.

Do you want your children to learn about sex/drugs from others. I hope
not. Money should be something that is talked about around home,
from an early age. Let’s start with pocket money. If your son/daughter
want something , make them save. They will soon understand that if
they save $3 a week for 4 weeks, this means $12. I hope you get my

You don’t have to be an expert to answer your children’s financial
questions. Don’t worry if you aren’t a CEO or don’t own a business.
Your the adult, so you know more than a child. They only need to know
the basics.

When your child is capable, hand them money to buy lunch. Send them to
the checkout to make their own purchase. There is no need to talk
about retirement yet.

Money can be stressful, but try to keep those thoughts away from
children. Get a fun piggy bank. Maybe you find one with their name on
it. Make one at home together.

Most households get the children into chores. This is a lesson about
what life will be like in the future, when they are out on their own.
It’s not long and they can do the likes of feed the cat, unpack the
dishwasher, pull curtains, etc. If they don’t do their daily chores,
they don’t receive their savings for that week. The amount of this can
go up as they get older.

Things may not run perfectly, but what does with family life ?
The important thing is to talk about money & finances..and talk about it
in a POSITIVE WAY. The longer you stay away from it, the more time
there is for bad habits/ideas to develop.

“When you don’t talk, there’s a lot of stuff that ends up not getting said.”


  1. Lisa on July 28, 2015 at 10:04 am

    You make some good points. In Australia financial mathematics is embedded in the curriculum from primary school, so I think there is a shift towards a deeper understanding about money during childhood. However, I believe that the emphasis should still be on parents to help children understand the ‘value’ of money in terms relative to their age.

    • admin on July 28, 2015 at 9:26 pm

      Yes, here in NZ, schools/teachers are held responsible for far too much. They are often blamed for societies problems. The teachers can’t do it all. Everything starts at home !!

  2. Polly Unsaturated on July 28, 2015 at 9:44 pm

    Couldn’t agree more! We use pocket money as a teaching tool – so they can learn about how to save, but also how to spend and how to share (donate to charity). Let them make their own mistakes with money when they are young and the consequences aren’t that great (in the grander scheme of things) in the hope these lessons stand them in good stead later in life. I’ve written a parents guide to pocket money on my blog: http://pollyunsaturated.com/2015/06/27/a-parents-guide-to-pocket-money/

    • admin on July 28, 2015 at 9:56 pm

      Sounds like we think along the same lines 🙂

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