Australians continue to rank poorly in financial literacy, with just over a quarter of people struggling to answer a set of simple questions on the basics, such as interest rates, inflation and investment risks and returns.

Australian’s lack of financial literacy is unsurprising when you consider that financial education is not consistent across the country. It is important to introduce financial knowledge and education into children from a young age. This will allow them to be more empowered in their financial decisions as they age.

The foundation of financial education begins at an early age. Introduce the concept of money by using play money or simple games that involve counting and exchanging coins. As your children grow, explain the value of different coins and bills, gradually building their understanding of currency and its practical uses.

Involving your child in grocery shopping or other purchasing decisions is a practical method for introducing them to money. Compare prices, discuss product quality, and explore the concept of making informed choices. This exercise helps them understand value for money and the importance of mindful spending.

In today’s digital age, kids are exposed to various forms of advertising, online spending opportunities and media. It is important to teach them to be critical consumers of media, helping them understand the difference between needs and manufactured desires.

Setting your kids up early will pay off in the long run. We are hosting a seminar for young adults to teach them the foundations of tax. To RSVP for this FREE event, visit Eventbrite. We are also looking to host additional seminars on this any other topics.