The lack of financial education within our schools has been well documented, and it consequently devolves to parents needing to fill this gap themselves. Kids who are exposed to financial issues from a young age are far more apt to grow up to be savvy consumers. Unfortunately, the vast majority of kids receive no financial education whatsoever, and the result is the current landscape of financial illiteracy within the American populace. Obviously, most kids find financial information to be exceedingly boring, but there are a few tricks parents can employ in order to make this “medicine” more palatable.
Trips to the grocery store serve as an ideal backdrop for lessons in this arena. Get your kids involved in trying to minimize your grocery bill — you’ll be surprised at how eager they are to participate. This will impart lessons on coupons, sales and comparing unit costs between products. If you child receives an allowance, this is also a good time to discuss financial issues. Explaining how financial decisions can impact their lives can be intertwined with how you calculate and provide your kid’s allowance. Getting involved with donating goods or services to a local charity is educational, and it obviously serves a higher social purpose. Always be on the lookout for opportunities which are conducive to conveying much needed financial literacy to your children — this knowledge can prove to be equally important to what they learn in their formal education.
And here is something for the parents: http://www.hsbc.com.au/1/2/personal/financial-planning