Invest
Most Aussie parents frightened for children’s financial future
Australia’s parents are reluctant to discuss money with their children, despite concerns their children’s generation will be financially worse off, a new report has revealed.
Most Aussie parents frightened for children’s financial future
Australia’s parents are reluctant to discuss money with their children, despite concerns their children’s generation will be financially worse off, a new report has revealed.
In the age of digital money, Australian parents are increasingly struggling to educate their kids about money, a new report from the Financial Planning Association (FPA) has found. What’s worse is that 68 per cent of parents are reluctant to speak to their kids about money because of their own financial concerns. This is especially true for rural parents, the Share the Dream report found.
“The hard reality is many of us simply don’t know when or how to talk to our kids about money because the technologies, language and online possibilities are so very different,” FPA CEO Dante De Gori said.
“Our research confirms two-thirds of Australian parents (66 per cent) believe digital money is making it harder for their children to grasp the value of real money.”
This finding grows increasingly alarming with the fact 62 per cent of parents also believe their children’s generation will be financially worse off than they were.
However, there is hope, Mr De Gori said.
“Our last two years of consumer research confirmed the Australian dream of living a happy, financially secure, stable life is strong. We know those who seek the advice of a financial planner are the most confident in their ability to live the dream,” he said.
According to the FPA survey of 1,003 Australian parents, those who have sought advice from a financial planner were more likely to regularly talk to their kids about money (61 per cent) than those who haven’t (43 per cent).
Mr De Gori said this was because parents who have regular conversations with financial planners are in turn more likely to feel comfortable talking to their children.
When parents do talk to their children about money, they talk the most about spending and saving (52 per cent) followed by earning (43 per cent), household budgeting (32 per cent) and how much people earn (24 per cent).
However, parents struggle to talk about “invisible money”, with less than one-fifth (19 per cent) of parents discussing online purchases in the last six months and only 5 per cent talking to their kids about Afterpay.
Nevertheless, parents believe children should be educated about these topics at an early age, with most believing conversations about in-game app purchase are a good place to start. Two-thirds of parents think this topic should be discussed before children are 14.
Spending
Aussie mums want a spa day but will get flowers this Mother’s Day
Australians are set to splash the cash for mum this Mother’s Day, albeit on the wrong gift, new consumer spending data has revealed. ...Read more
Spending
Aussie consumers swap credit for BNPL
Shoppers are continuing to swap credit cards for buy now, pay later service, new consumer debt study has revealed. ...Read more
Spending
What did Aussies spend their super on?
Aussies who took advantage of the controversial early access to super scheme spent the majority of their money on mortgages, rent and household bills, with just one in eight saving their super for a r...Read more
Spending
Consumer spending set to boost economic recovery
Australia’s recovery from the COVID-19 downturn looks to be buoyed by a wave of consumer spending, as Aussies increase their spending habits post-lockdown restrictions, new studies have revealed. ...Read more
Spending
Trans-Tasman border open for the first time in nearly 400 days
Quarantine-free travel between Australia and New Zealand has restarted for the first time in over a year, with the Prime Minister pointing to a further expansion of the bubble. ...Read more
Spending
Google found to ‘partially’ mislead consumers
Google has “partially” misled consumers by collecting some data on Android and Pixel phones even after the customer ticked “No” or “Do not collect”, a court has found. ...Read more
Spending
Energy prices fall – how you can cash in on the $900m saving
Households are being urged to check the price they are paying for electricity after it was revealed that prices across the eastern seaboard have fallen significantly in the back half of 2020, official...Read more
Spending
Aussies choose to shop local in pandemic recovery
Australians are increasingly turning their attention to homegrown businesses and brands as they look to help the country recover from its first economic downturn in nearly three decades, new research ...Read more
Has the property market reached its peak; Biden’s climate summit and our sharemarket, and the upcoming budget
Listen now
Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now
Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now
Raging floods, the tech stock bubble and the ongoing SG debate
Listen now
Spending
Aussie mums want a spa day but will get flowers this Mother’s Day
Australians are set to splash the cash for mum this Mother’s Day, albeit on the wrong gift, new consumer spending data has revealed. ...Read more
Spending
Aussie consumers swap credit for BNPL
Shoppers are continuing to swap credit cards for buy now, pay later service, new consumer debt study has revealed. ...Read more
Spending
What did Aussies spend their super on?
Aussies who took advantage of the controversial early access to super scheme spent the majority of their money on mortgages, rent and household bills, with just one in eight saving their super for a r...Read more
Spending
Consumer spending set to boost economic recovery
Australia’s recovery from the COVID-19 downturn looks to be buoyed by a wave of consumer spending, as Aussies increase their spending habits post-lockdown restrictions, new studies have revealed. ...Read more
Spending
Trans-Tasman border open for the first time in nearly 400 days
Quarantine-free travel between Australia and New Zealand has restarted for the first time in over a year, with the Prime Minister pointing to a further expansion of the bubble. ...Read more
Spending
Google found to ‘partially’ mislead consumers
Google has “partially” misled consumers by collecting some data on Android and Pixel phones even after the customer ticked “No” or “Do not collect”, a court has found. ...Read more
Spending
Energy prices fall – how you can cash in on the $900m saving
Households are being urged to check the price they are paying for electricity after it was revealed that prices across the eastern seaboard have fallen significantly in the back half of 2020, official...Read more
Spending
Aussies choose to shop local in pandemic recovery
Australians are increasingly turning their attention to homegrown businesses and brands as they look to help the country recover from its first economic downturn in nearly three decades, new research ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
