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Imagine how your daughter would feel if she was given less pocket money than your son? To mark International Women’s Day today and it’s theme of pay parity, we asked kids how they would feel. Watch their response and let’s change things for a more ‪#‎equalfuture‬

@ANZ_AU  #IWD2016 #PledgeForParity

No-one dreams of their kid growing up to go on Welfare, right! So why as parents do we hand out money to our kids or buy things for them without first making them earn it.

I’m not talking about cracking a whip and forcing them into slave labour.  I’m talking about real reward, for real behaviours that you determine and it doesn’t need to be difficult or even time consuming.

Kiddy Credits helps you teach your kids the basic principles of money management in a fun, interactive environment.  What’s more, making “cents” of money management can be done in minutes a day!

 

Once your kids know how much they can earn, they might like to think about how they plan to use their money by setting savings goals and creating wish lists of items they’d like to save up for.

By setting goals kids learn how much time and effort is needed to achieve it. They appreciate the value of that time and effort and the value of the money they earn in return for it.

Create wish lists in seconds and set realistic savings goals that help your kids reap the rewards of all their hard work.

Kiddy Credits virtual bank account (we like to call it the Bank of Mum and Dad) mimics that of a real one, with real consequences.

Just like in the real world, your kids can manage their money. Transfer between accounts, spend and heaven forbid even save.

Also just like in the real world, they can make real mistakes with real money that they really earned. But because it is in a controlled environment they get all the benefit of the learning experience without ending up in financial ruin.

Little Johnny can learn a valuable lesson from seeing his sister Suzy buy an iPod touch when all his money has been blown on lollies and junk. And it’s got nothing to do with going to the Dentist!

THOSE who advocate teaching personal finance to children in primary schools envision adults in the future who are able to budget, understand the implications of rollover credit card debt and can sidestep complex and risky investment products.

Professor Emeritus Lewis Mandell, who has researched financial literacy issues in the last 15 years, is quick to bring these notions down to earth. Teaching financial literacy to kids doesn’t work, he says bluntly. Financial literacy is defined as the ability to make important financial decisions for one’s own benefit.

There are, however, ways to raise the chances that children will absorb sound personal finance principles. One way is to allow them real experience with money – with adult guidance.

Read more here

“The Commonwealth Bank recently released a survey on pocket money; apparently it’s worth $1.4 billion each year!

They surveyed 1,023 parents of a child/children aged 4 – 15 years and found the following:

  • Almost 80 per cent of parents pay pocket money, with the average starting age at just over six years old.
  • Younger children save more of their pocket money than older children.
  • The most common chores for earning pocket money are tidying the bedroom and washing dishes.
  • Children are most likely to spend their money on food, snacks and lollies.

Read the full article here Kids and pocket money | Canstar.

Justine Davies on 28/02/2013

Kiddy Credits is currently working with some of Australia’s leading banks to bring you the Kiddy Credits Card, a debit card linked to a high interest bearing account, managed right from the Kiddy Credits console.