If you want to set your kids up for a strong financial future, teaching them about money early on is key. Bongiorno Group Directors, Vanessa Smith and Nick Fennessy, insist its beneficial to have money conversations as soon as possible, by explaining how money is earned, spent, and saved in simple terms.

 
Help them understand the difference between wants and needs, and teach them to budget and set savings goals. As parents, it’s important to lead by example, modelling good financial habits and being transparent about mistakes. Encourage responsible spending, avoid impulse buying, and discuss the risks of debt. Regular conversations and hands-on learning are crucial.

 
This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.