Invest
Learn the share market: a school holiday activity?
These school holidays, parents should consider adding “sensible money management” to their children’s vacation to-do lists, an Australian bank has said.
Learn the share market: a school holiday activity?
These school holidays, parents should consider adding “sensible money management” to their children’s vacation to-do lists, an Australian bank has said.
According to MyState Bank managing director and CEO Melos Sulicich, parents who provide their kids with a solid level of financial literacy are setting them on a good path.
“It’s never too early to talk to kids about money, and many will start asking questions from a young age about different expenses,” he said.
“Encourage this interest and teach them about financial concepts at an appropriate age. That way you’ll give them a firm financial foundation from the outset, one of the best gifts a parent can give their kids.”
He urged: “Giving kids a good grounding in sensible money management sets them up for life.”
MyState said parents could use online share games, like the one offered by the ASX to encourage children to explore the processes of investment markets and how to buy and sell shares while monitoring their portfolios.
After all, MyState noted, most Australians have stakes in the game through superannuation.
Parents looking to encourage financial literacy can also consider giving pocket money digitally by opening up a bank account for their children and setting up a direct debit that can be cancelled if the kids slack off on their chores, or boosted if the kids take on more responsibility.
Opening up about the family’s finances – to an appropriate level – is also an important step in helping children understand money.
MyState said parents should talk about the different pay rates of jobs, the costs of buying a house or renting and the ways in which home loans work.
As this information could be too complex for younger children, the bank suggested families teach children about the costs of household items, the importance of looking for better deals and simple numerical literacy.
Spending
Toyota returns $18m in JobKeeper payments
An unexpected surge in sales in 2020 has inspired car manufacturer Toyota to write an $18 million check to the government, returning the amount it received in JobKeeper subsidies and touting the move...Read more
Spending
Aussies spend up big during pre-Christmas sales
Consumers have taken advantage of new freedoms post-lockdown and pre-Christmas discounts as retail sales soared in November, official figures have revealed. ...Read more
Spending
Aussies unlikely to splash the cash following pandemic
Australian consumers are likely to cut back on discretionary items in 2021 with many re-evaluating their spending habits following the COVID-19 pandemic, new research has revealed. ...Read more
Spending
‘It’s back’: SA unveils second Great State Voucher
South Australian residences or those planning to travel to the state could save up to $150 as the government continues its support for the local tourism sector. ...Read more
Spending
Rise in health premiums at 20-year low, but there’s a catch
While the Australian government’s health insurance reforms have resulted in the lowest annual average premium change since 2001, according to experts consumers could still see a “whacking” prem...Read more
Spending
Young Aussies pressured to buy love this Christmas
Younger Australians are likely to spend more this Christmas as they equate expensive gifts with love, a researcher has found. ...Read more
Spending
Buying local this Christmas could raise over $1bn for small business
New research suggests that Australians could deliver an estimated $1.12 billion to the small-business sector this Christmas just by buying one more gift from their favourite local business. ...Read more
Spending
WFH sees CBD pubs’ profits halve
Despite a lift in consumer spending, the easing of restrictions has not translated into a boom for the hospitality sectors in NSW and Victoria, a big four bank has revealed. ...Read more
Spending
Toyota returns $18m in JobKeeper payments
An unexpected surge in sales in 2020 has inspired car manufacturer Toyota to write an $18 million check to the government, returning the amount it received in JobKeeper subsidies and touting the move...Read more
Spending
Aussies spend up big during pre-Christmas sales
Consumers have taken advantage of new freedoms post-lockdown and pre-Christmas discounts as retail sales soared in November, official figures have revealed. ...Read more
Spending
Aussies unlikely to splash the cash following pandemic
Australian consumers are likely to cut back on discretionary items in 2021 with many re-evaluating their spending habits following the COVID-19 pandemic, new research has revealed. ...Read more
Spending
‘It’s back’: SA unveils second Great State Voucher
South Australian residences or those planning to travel to the state could save up to $150 as the government continues its support for the local tourism sector. ...Read more
Spending
Rise in health premiums at 20-year low, but there’s a catch
While the Australian government’s health insurance reforms have resulted in the lowest annual average premium change since 2001, according to experts consumers could still see a “whacking” prem...Read more
Spending
Young Aussies pressured to buy love this Christmas
Younger Australians are likely to spend more this Christmas as they equate expensive gifts with love, a researcher has found. ...Read more
Spending
Buying local this Christmas could raise over $1bn for small business
New research suggests that Australians could deliver an estimated $1.12 billion to the small-business sector this Christmas just by buying one more gift from their favourite local business. ...Read more
Spending
WFH sees CBD pubs’ profits halve
Despite a lift in consumer spending, the easing of restrictions has not translated into a boom for the hospitality sectors in NSW and Victoria, a big four bank has revealed. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
