Spending money has never been faster or simpler. So, how can we teach our younger generation, our grandkids, to budget and be financially savvy when they don’t necessarily touch and deal with money anymore? Michelle Maynard from Carbon Group Accountants shares her tips.
Historically, financials skills were taught with school banking programs and home piggy banks, and statistics show that parents and the older generation play a big role in their children’s financial futures.
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Here are some tips on how to make your grandkids more money savvy in the digital age:
1. Embrace technology by using budgeting or savings apps with them.
2. Talk about money and financial concepts at the dinner table.
3. Reiterate that the ‘phone tap’ or ‘card swipe’ are financial transactions – not free money.
4. Get the kids to set a budget for family events and work through the costs.
5. Introduce cash so they can see it being spent.
6. Use pocket money to show the concepts of earning, saving and spending money.