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FINANCE

'Monkey See, Monkey Do': enableMe Say Parents' Financial Habits Can be Passed on to Kids

Tuesday 21 May 2019, 2:39PM
By Beckie Wright
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One of the greatest life lessons a parent can pass on to their child is to teach them the true value of money, and although schools are now required to teach children financial literacy as part of the National Curriculum, financial theory in isolation is not enough. Plus, by the time this starts at age 11, children have been watching and learning from their parents’ attitudes, habits and decisions around money, both good and bad.

The way children view money will often carry through into adulthood, meaning it is important to give kids a good financial grounding from a young age. But it’s not just about what you teach them, it’s about what you’re showing them with your actions, which is why enableMe advise it’s even more important to get your finances in order. enableMe will get you mortage-free fast, retirement ready earlier, and become the master of your money, so your kids can master theirs.

Discussing money is one of the last social taboos, but it shouldn't be. It underpins so much in life, but few people discuss it honestly. As parents, we worry we will burden our children or ruin their childhood, reaffirming that ignorance and bliss are natural bedfellows.  But when it comes to mastering money, ignorance is never bliss, so talk about how Mum and Dad go to work to earn money to provide for the family, but that money is limited so we must choose carefully what we spend it on, or it will run out. Explain to them that the ATM is not a magic, inexhaustible supply of money.

For example, if they would like to buy a new toy, get them to slowly save up over a number of weeks to instil financial discipline from an early age. Teaching your kids about money early in life can help them to learn healthy financial habits that'll last a lifetime. The more knowledge they have, the better they can make monetary decisions, so for more information on financial advisers New Zealand, certified financial planners and  mortgage advisors please go to http://enableme.co.nz .