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Having practical money skills helps everyone, regardless of age, to navigate life successfully. Empower your children by sharing lessons about finances early on. Knowing how to save, budget and even negotiate will prove invaluable as they make their way through life. Here are some valuable lessons:
Achieving financial independence takes both financial and life skills. One of the most important money lessons to teach kids is to be financially independent from a young age. True self-sufficiency comes from not waiting until you meet a life partner to start building wealth and planning for your future.
If you are a two-parent family, lead by example and show your kids that budgeting and money management are both parents’ responsibility by making joint financial decisions and involving your kids in your conversations about money, if appropriate. Through modelling behaviours of financial independence at home, parents can teach self-sufficiency when the time comes.
When your kids start their first job, sit down with them and make a budget and savings plan. Having a clear idea of what it costs to live, as well as instilling the discipline of regular savings, can help to promote a lifetime of good money habits. Check out our budget planner as a tool to assist.
Compound interest also means the earlier they start saving money, the more confident they may feel about meeting financial goals later on.
Particularly valuable if you have daughters. It is well documented that when it comes to negotiating a starting salary, a pay-rise or putting their hand up for a new role or promotion, women are less direct than men, to their detriment. Research by the Workplace Gender Equality Agency shows that in 2019, women earn on average $239 less a week than men. According to the WGEA this gap is narrowing, with more employers being aware and taking action to ensure women and men are equally rewarded and remunerated.
However, it also says that women continue to face significant barriers in the workplace, including their work being undervalued and being under represented in senior executive and management roles.1
Girls can value themselves in the workplace and negotiate as assertively as male workers when it comes to pay, perks and working conditions. Instilling self-confidence and financial skills in your daughter are key.
In order for women to enjoy equal opportunity in the workplace, childcare needs to be considered a family responsibility, with women given the choice to continue their career, rather than stay at home as the carer. This is something to discuss with both your sons and daughters as they grow so they understand the importance of having these discussions.
It can be challenging to teach children to think long-term, but encouraging your kids to take an active interest in their super may be one of the most important finance lessons you share.2
An understanding of compound interest and the benefits of saving early can make a significant difference later on.
It is never too early to teach your kids smart money habits.
Knowledge is power, and planning your best future means being invested in outcomes today. Take the time to learn more about QSuper or your QSuper account.
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1. WGEA media release: ‘National gender pay gap hits record low’. Released 21/2/19. https://www.wgea.gov.au/newsroom/media-releases/national-gender-pay-gap-hits-record-low
2. Source: ASFA via SuperGuru http://www.superguru.com.au/about-super/women-and-super/, accessed 6 February 2017.
3. QSuper Balanced Option only. SuperRatings SR50 Balanced Index (60-76) median based on cumulative returns compounded annually after fees and for initial $50,000 invested over the period to 28 February 2019. Based on funds open to the public. Past performance may not be a reliable indicator future performance.
Careful planning may help empower women financially and enhance their confidence to enjoy today knowing they will be right later.
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