1 00:00:00,040 --> 00:00:02,120 Speaker 1: If you're looking for ways to encourage your kids to 2 00:00:02,320 --> 00:00:06,640 Speaker 1: learn about saving and smart spending, check out Kit, a 3 00:00:06,680 --> 00:00:10,760 Speaker 1: pocket money app and card built by Combank. It teaches 4 00:00:10,880 --> 00:00:14,400 Speaker 1: kids about earning money through chores and saving in buckets 5 00:00:14,680 --> 00:00:19,160 Speaker 1: or what Kit calls stacks. Kit is free for eligible 6 00:00:19,239 --> 00:00:23,000 Speaker 1: Combank Yellow customers, t's and C supply, or just fifty 7 00:00:23,040 --> 00:00:26,000 Speaker 1: dollars a year for up to five children. Download the 8 00:00:26,000 --> 00:00:29,240 Speaker 1: app or visit haykit dot com dot Au. You can 9 00:00:29,240 --> 00:00:32,320 Speaker 1: also download Kit's free pocket Money one O one guide 10 00:00:32,320 --> 00:00:35,440 Speaker 1: from the Kit website at Heykit dot com dot Au. 11 00:00:35,760 --> 00:00:38,360 Speaker 1: TMD available on the website. Consider it appropriate for you? 12 00:00:42,920 --> 00:00:46,880 Speaker 2: How do we talk about money with our children? This matters. 13 00:00:46,960 --> 00:00:50,000 Speaker 1: I've observed something over the last several years. I spent 14 00:00:50,040 --> 00:00:51,199 Speaker 1: a lot of time with people who have got a 15 00:00:51,200 --> 00:00:52,400 Speaker 1: lot of money. I spend a lot of time with 16 00:00:52,440 --> 00:00:54,560 Speaker 1: people who have no money. I'm one of those people 17 00:00:54,560 --> 00:00:56,400 Speaker 1: who's kind of in the middle. I've got enough for 18 00:00:56,480 --> 00:00:59,600 Speaker 1: my needs, but not nearly enough for my wants. Today, 19 00:00:59,600 --> 00:01:03,400 Speaker 1: we're packing conversations with kids about money. Welcome to the 20 00:01:03,440 --> 00:01:07,280 Speaker 1: Happy Families Podcast, Real parenting solutions every day on Australia's 21 00:01:07,319 --> 00:01:09,160 Speaker 1: most downloaded parenting podcast. 22 00:01:09,720 --> 00:01:12,080 Speaker 2: Today, I'm joined by Ish co Ish is. 23 00:01:12,000 --> 00:01:14,680 Speaker 1: The founder and Managing Director of the Commonwealth Bank of Australia. 24 00:01:14,760 --> 00:01:17,800 Speaker 1: Is Kit Kit is a pocket money app and card 25 00:01:17,840 --> 00:01:21,720 Speaker 1: that teaches kids about money. Kit really really glad that 26 00:01:21,760 --> 00:01:24,080 Speaker 1: you've joined me for this chat. We're going to focus 27 00:01:24,080 --> 00:01:25,920 Speaker 1: on under tens today, although I think some of these 28 00:01:25,920 --> 00:01:29,280 Speaker 1: principles will be applicable across the board. Ish, let me 29 00:01:29,319 --> 00:01:31,920 Speaker 1: ask you this first question. Would you agree with me? 30 00:01:31,959 --> 00:01:33,560 Speaker 1: Do you think that some people are talking about money 31 00:01:33,560 --> 00:01:35,240 Speaker 1: a lot and some people are not talking about money 32 00:01:35,280 --> 00:01:36,119 Speaker 1: at all with their kids. 33 00:01:36,480 --> 00:01:40,039 Speaker 3: Research shows that's a really well known correlation between how 34 00:01:40,080 --> 00:01:42,720 Speaker 3: well off a family is and how good their kids 35 00:01:42,720 --> 00:01:46,160 Speaker 3: are at money. And that tends to be because people 36 00:01:46,200 --> 00:01:49,760 Speaker 3: who have more money have more resources and time. They 37 00:01:49,840 --> 00:01:53,920 Speaker 3: also tend to have high financial literacy themselves. And when 38 00:01:53,920 --> 00:01:55,920 Speaker 3: they have high financial literacy, they can pass that on 39 00:01:56,360 --> 00:01:58,680 Speaker 3: to their kids. But I think, you know, it's a 40 00:01:58,680 --> 00:02:02,240 Speaker 3: big taboo in our society to talk about money sometimes. 41 00:02:02,360 --> 00:02:04,080 Speaker 3: So you know, people say, you know, your kid might 42 00:02:04,120 --> 00:02:05,400 Speaker 3: ask you or how much do you earn? You're like, 43 00:02:05,400 --> 00:02:07,560 Speaker 3: oh my god, like you know why you asking this? 44 00:02:07,640 --> 00:02:09,279 Speaker 4: You can't ask this? This is embarrassing. 45 00:02:09,720 --> 00:02:12,880 Speaker 3: But actually a lot of those conversations and understanding your 46 00:02:12,919 --> 00:02:15,320 Speaker 3: kid's curiosity. Kids are naturally curious, they want to learn 47 00:02:15,360 --> 00:02:18,480 Speaker 3: about money, and engaging your kids in that conversation is 48 00:02:18,560 --> 00:02:21,880 Speaker 3: actually how kids learn about money. A lot of people 49 00:02:21,960 --> 00:02:25,200 Speaker 3: will talk about the role of schools being really important, 50 00:02:25,200 --> 00:02:27,400 Speaker 3: which definitely has a role to play, But if you 51 00:02:27,440 --> 00:02:30,200 Speaker 3: think about what are your key influencers, seventy percent of 52 00:02:30,280 --> 00:02:32,680 Speaker 3: kids say their parents are their key influence, and that 53 00:02:33,040 --> 00:02:35,880 Speaker 3: mechanism is typically through the conversations that you're having, but 54 00:02:35,960 --> 00:02:38,120 Speaker 3: also the role modeling and how you behave you're going 55 00:02:38,120 --> 00:02:40,720 Speaker 3: to the shops, you're buying something, what are they seeing you? 56 00:02:40,919 --> 00:02:41,600 Speaker 4: Role modeling. 57 00:02:41,919 --> 00:02:44,519 Speaker 3: These are all the things that actually build their attitudes 58 00:02:44,720 --> 00:02:47,880 Speaker 3: and their experiences of money, which is much more important. 59 00:02:48,200 --> 00:02:49,040 Speaker 2: This is really interesting. 60 00:02:49,080 --> 00:02:52,440 Speaker 1: I saw a real just recently on social media, and 61 00:02:52,639 --> 00:02:55,160 Speaker 1: it was one of those hardcore entrepreneur guys. So what 62 00:02:55,160 --> 00:02:57,519 Speaker 1: I'm going to say is highly provocative, not suggesting that 63 00:02:57,520 --> 00:02:59,720 Speaker 1: this is what I believe, just what this guy said. 64 00:03:00,040 --> 00:03:01,000 Speaker 2: He basically said, I. 65 00:03:00,960 --> 00:03:02,679 Speaker 1: Don't want the school teaching my kids about money. 66 00:03:02,680 --> 00:03:03,400 Speaker 2: That's my job. 67 00:03:03,600 --> 00:03:05,640 Speaker 1: I mean, this guy's worth one hundred million, two hundred 68 00:03:05,639 --> 00:03:07,800 Speaker 1: million dollars something ridiculous like that, But he basically said, 69 00:03:07,919 --> 00:03:09,720 Speaker 1: teachers don't know anything about money, they don't have any 70 00:03:09,720 --> 00:03:10,959 Speaker 1: I'm the one with the money, and I want to 71 00:03:11,000 --> 00:03:15,200 Speaker 1: teach my kids about that. Now, potentially offensive, potentially very provocative, 72 00:03:15,480 --> 00:03:17,560 Speaker 1: but I guess when you bring this up and tied 73 00:03:17,600 --> 00:03:19,040 Speaker 1: in with what I said at the start, it kind 74 00:03:19,080 --> 00:03:21,280 Speaker 1: of My experience has been the people that I know 75 00:03:21,320 --> 00:03:24,840 Speaker 1: who are extremely well off, they obsess about money. They 76 00:03:24,960 --> 00:03:27,720 Speaker 1: say things like, yeah, I don't really think about money 77 00:03:27,760 --> 00:03:29,840 Speaker 1: that much, and I'm like, that's just a lie. 78 00:03:29,960 --> 00:03:32,160 Speaker 2: You think about and talk about money all the time. 79 00:03:32,280 --> 00:03:34,920 Speaker 1: I guarantee they're in their finances constantly, and I don't 80 00:03:34,960 --> 00:03:36,600 Speaker 1: know what they're saying when the kids say how much. 81 00:03:36,480 --> 00:03:38,360 Speaker 2: Money do you earn? Mum or Dad? 82 00:03:38,640 --> 00:03:41,520 Speaker 1: But I reckon they're saying I earn enough, I earn plenty, 83 00:03:41,600 --> 00:03:44,200 Speaker 1: which is very different to many other conversations. What do 84 00:03:44,240 --> 00:03:46,240 Speaker 1: you think that kids need to know? Like I think 85 00:03:46,240 --> 00:03:50,400 Speaker 1: about what this Dan Martel, entrepreneur, social media guru guy 86 00:03:50,760 --> 00:03:54,120 Speaker 1: is saying, and clearly he thinks that his kids need 87 00:03:54,160 --> 00:03:57,119 Speaker 1: to know something about money that the school can't teach them. 88 00:03:57,680 --> 00:03:58,640 Speaker 2: What do you reckon? 89 00:03:58,920 --> 00:04:01,200 Speaker 1: As you've looked at all of your data, what do 90 00:04:01,280 --> 00:04:03,720 Speaker 1: you think that kids actually need to know about it? 91 00:04:04,360 --> 00:04:07,880 Speaker 3: So, firstly, I want to say, like this entrepreneur is 92 00:04:07,960 --> 00:04:09,960 Speaker 3: kind of a symbol of why a lot of parents 93 00:04:10,360 --> 00:04:13,480 Speaker 3: feel so not confident about talking to the kids about money, 94 00:04:14,200 --> 00:04:18,040 Speaker 3: that kind of stereotype of I have lots of money, 95 00:04:18,040 --> 00:04:20,159 Speaker 3: therefore I know. So therefore if you don't have lots 96 00:04:20,160 --> 00:04:22,080 Speaker 3: of money, then you don't know, and therefore you shouldn't 97 00:04:22,320 --> 00:04:24,839 Speaker 3: which is actually the deposite what your kid. First, the 98 00:04:24,839 --> 00:04:26,840 Speaker 3: first thing that you as a parent, regardless of how 99 00:04:26,839 --> 00:04:30,479 Speaker 3: confident you feel about money yourself, is that they need 100 00:04:30,520 --> 00:04:33,080 Speaker 3: to believe that they can be good at money. You 101 00:04:33,120 --> 00:04:35,160 Speaker 3: don't have to be like a pro investor in the 102 00:04:35,200 --> 00:04:37,800 Speaker 3: stock market to be good at money, right, And this 103 00:04:37,839 --> 00:04:39,719 Speaker 3: is part of the challenge that being good at money 104 00:04:39,760 --> 00:04:43,560 Speaker 3: isn't about having lots of money. It's about being able 105 00:04:43,600 --> 00:04:46,000 Speaker 3: to use money as a tool to get what you 106 00:04:46,040 --> 00:04:49,200 Speaker 3: want in life. So it's about managing your money in 107 00:04:49,240 --> 00:04:51,080 Speaker 3: line with what you want to achieve and not being 108 00:04:51,080 --> 00:04:52,840 Speaker 3: a slave to money necessarily. 109 00:04:52,920 --> 00:04:54,400 Speaker 2: I don't know how to describe how I felt when 110 00:04:54,400 --> 00:04:54,839 Speaker 2: I saw it. 111 00:04:54,880 --> 00:04:56,920 Speaker 1: I mean, part of it, these things are always that 112 00:04:57,040 --> 00:04:59,960 Speaker 1: little bit sort of inspiring they're supposed to get your parts, 113 00:05:00,680 --> 00:05:03,679 Speaker 1: and at the same time, I was just thinking, how arrogant, 114 00:05:03,800 --> 00:05:08,960 Speaker 1: how just I don't actually have the words, but yeah, 115 00:05:09,160 --> 00:05:11,240 Speaker 1: I'm just it. Really it really got onto my skin. 116 00:05:11,360 --> 00:05:13,599 Speaker 1: So in terms of what kids need to know, what 117 00:05:13,640 --> 00:05:15,480 Speaker 1: you're saying is they need to understand that money has 118 00:05:15,560 --> 00:05:17,080 Speaker 1: value and that it helps them to get things in 119 00:05:17,080 --> 00:05:19,200 Speaker 1: life that matter. And then it, I guess it comes. 120 00:05:19,000 --> 00:05:21,479 Speaker 3: Down they need to believe the self belief, so only 121 00:05:21,480 --> 00:05:23,200 Speaker 3: a parent can really teach it. So they need to 122 00:05:23,200 --> 00:05:25,160 Speaker 3: believe that they can do it and that they can 123 00:05:25,160 --> 00:05:29,440 Speaker 3: manage money. Then more concretely, those specific lessons around and 124 00:05:29,480 --> 00:05:31,000 Speaker 3: this can start from the age of sort of five 125 00:05:31,040 --> 00:05:33,799 Speaker 3: to seven. It's like understanding that saving money is good 126 00:05:34,600 --> 00:05:37,600 Speaker 3: understanding when you get to sort of eight intent understanding 127 00:05:37,640 --> 00:05:39,960 Speaker 3: what interest is that if you save money, you're going 128 00:05:40,000 --> 00:05:42,240 Speaker 3: to get paid money, and LifeWise, if you borrow money, 129 00:05:42,279 --> 00:05:44,280 Speaker 3: you're going to be paying even more money because they 130 00:05:44,279 --> 00:05:46,680 Speaker 3: are paying interest on the money you borrow. They need 131 00:05:46,720 --> 00:05:51,600 Speaker 3: to understand delayed gratification for parents is a really big 132 00:05:51,720 --> 00:05:54,599 Speaker 3: skill that's important. So that's the ability to not spend 133 00:05:54,640 --> 00:05:56,560 Speaker 3: on your money straight away, but to be able to 134 00:05:56,600 --> 00:05:59,000 Speaker 3: reflect and think is this really what I want? 135 00:05:59,440 --> 00:06:01,080 Speaker 4: Maybe not, and I can. 136 00:06:00,960 --> 00:06:03,159 Speaker 3: Wait to buy something later or buy something else that 137 00:06:03,240 --> 00:06:06,360 Speaker 3: I want even more. And then it's also really important 138 00:06:06,400 --> 00:06:09,000 Speaker 3: that they understand earning. So like from a five to 139 00:06:09,040 --> 00:06:11,080 Speaker 3: seven year age range, it's knowing that people are going 140 00:06:11,120 --> 00:06:11,960 Speaker 3: to work to earn money. 141 00:06:11,960 --> 00:06:14,000 Speaker 4: Most people earn money by working. 142 00:06:14,320 --> 00:06:16,039 Speaker 3: But then as they get sort of to the eight 143 00:06:16,080 --> 00:06:19,040 Speaker 3: to ten range, then it's they might identify them multiple 144 00:06:19,040 --> 00:06:20,800 Speaker 3: different ways that they could make money. Some of it 145 00:06:20,920 --> 00:06:24,840 Speaker 3: maybe not totally realistic, some of it might be. But 146 00:06:24,880 --> 00:06:28,080 Speaker 3: then also that understanding of people have different levels of income, 147 00:06:28,120 --> 00:06:31,960 Speaker 3: different circumstances, and why different people make different financial decisions, 148 00:06:32,000 --> 00:06:34,960 Speaker 3: but also the importance of charity and helping out others. 149 00:06:35,440 --> 00:06:40,200 Speaker 1: I love this so the delay gratification, saving, understanding how 150 00:06:40,279 --> 00:06:44,440 Speaker 1: interest works both for you and against you, and also 151 00:06:44,960 --> 00:06:48,320 Speaker 1: working out how earning money works. I just love the 152 00:06:48,440 --> 00:06:50,400 Speaker 1: late gratification thing. I remember when I was a kid, 153 00:06:50,440 --> 00:06:52,760 Speaker 1: I'd get my pocket money and I would just go 154 00:06:52,839 --> 00:06:56,680 Speaker 1: straight to the touch shop and spend it all on food, 155 00:06:56,800 --> 00:06:58,560 Speaker 1: or I would go down to the arcade and spend 156 00:06:58,600 --> 00:07:01,839 Speaker 1: it all on video game. That was that was it, 157 00:07:02,160 --> 00:07:03,680 Speaker 1: and no one was talking to me about what I'm 158 00:07:03,680 --> 00:07:05,640 Speaker 1: supposed to do with my money. Literally, it was just 159 00:07:06,160 --> 00:07:08,360 Speaker 1: cash in my pocket and it burned a hole through 160 00:07:08,360 --> 00:07:10,800 Speaker 1: it gone just like that. 161 00:07:11,160 --> 00:07:12,320 Speaker 2: So do you reckon that? 162 00:07:12,360 --> 00:07:15,080 Speaker 1: It's the Dan Martell's of the world. It's these entrepreneurial 163 00:07:15,240 --> 00:07:19,800 Speaker 1: big noting themselves, people with lots of money that stop 164 00:07:20,080 --> 00:07:22,120 Speaker 1: parents talking to their kids about money. 165 00:07:22,600 --> 00:07:24,360 Speaker 2: And if yes, what else. 166 00:07:24,280 --> 00:07:27,720 Speaker 1: Is there other than the social media shame of thinking, oh, 167 00:07:27,760 --> 00:07:30,000 Speaker 1: my goodness, I'm not literate and rich like that guy, 168 00:07:30,040 --> 00:07:31,440 Speaker 1: so therefore I shouldn't talk about it. 169 00:07:32,080 --> 00:07:34,120 Speaker 3: I think he is part of the problem that he's 170 00:07:34,200 --> 00:07:35,760 Speaker 3: kind of compounding that shame on parents. 171 00:07:35,800 --> 00:07:37,600 Speaker 4: It's like as if parents don't have enough guilt already, 172 00:07:37,680 --> 00:07:39,480 Speaker 4: hits adding on to that. 173 00:07:40,360 --> 00:07:42,800 Speaker 3: So I think the best thing advice I can give 174 00:07:42,800 --> 00:07:45,800 Speaker 3: for parents who want to build their confidence and become 175 00:07:45,800 --> 00:07:48,200 Speaker 3: better at having these conversations with their kids is firstly, 176 00:07:49,040 --> 00:07:51,840 Speaker 3: if you're not sure, look it up yourself. So taking 177 00:07:51,840 --> 00:07:54,440 Speaker 3: some small steps a few You know, some adults are 178 00:07:54,840 --> 00:07:57,000 Speaker 3: also exactly sort of similar to what you said and 179 00:07:57,040 --> 00:07:58,280 Speaker 3: you were as a kid. You know, they get their 180 00:07:58,320 --> 00:08:00,920 Speaker 3: paycheck and living page to paycheck because they just have 181 00:08:01,040 --> 00:08:02,480 Speaker 3: to pay everything on the bills, and then maybe it's 182 00:08:02,520 --> 00:08:04,240 Speaker 3: a little bit of like the uber eats habit is 183 00:08:04,240 --> 00:08:08,040 Speaker 3: too much. So if that's you, there's lots of resources 184 00:08:08,040 --> 00:08:10,560 Speaker 3: out there, like the government has the money smart resources, 185 00:08:10,560 --> 00:08:14,600 Speaker 3: et cetera. Just start educating yourself. Because if you start 186 00:08:14,720 --> 00:08:17,679 Speaker 3: educating yourself and understanding the importance saving and doing that, 187 00:08:17,680 --> 00:08:19,320 Speaker 3: that helps you then do it with your kid and 188 00:08:19,320 --> 00:08:21,160 Speaker 3: it can be you know, a joint learning journey as 189 00:08:21,200 --> 00:08:23,480 Speaker 3: a family. And I know you talk a lot justin 190 00:08:23,560 --> 00:08:26,640 Speaker 3: about connection with your kids, and money is another way 191 00:08:26,680 --> 00:08:27,960 Speaker 3: that you can do that. So you know, if you 192 00:08:28,000 --> 00:08:30,200 Speaker 3: want to plan a holiday with your family, you can 193 00:08:30,200 --> 00:08:32,360 Speaker 3: talk to your kids about, oh, we're all going on 194 00:08:32,400 --> 00:08:33,960 Speaker 3: a holiday. You know, what would you like to buy 195 00:08:33,960 --> 00:08:35,800 Speaker 3: when you're a holiday and I'm going to save up 196 00:08:35,800 --> 00:08:37,840 Speaker 3: this for the holiday. Why don't you think about what 197 00:08:37,920 --> 00:08:39,520 Speaker 3: you can save so that you can buy this thing 198 00:08:39,559 --> 00:08:41,640 Speaker 3: that you won your holiday. And then you're both building 199 00:08:41,640 --> 00:08:43,240 Speaker 3: your money skills together and you're doing it in a 200 00:08:43,280 --> 00:08:44,120 Speaker 3: really positive way. 201 00:08:44,520 --> 00:08:46,400 Speaker 2: Just recently, I was hanging. I wasn't recently. It was 202 00:08:46,400 --> 00:08:47,080 Speaker 2: a few months ago. 203 00:08:47,360 --> 00:08:49,120 Speaker 1: Our family was in your South Wales when the East 204 00:08:49,160 --> 00:08:52,680 Speaker 1: Show was on and we said to the kids, let's 205 00:08:52,800 --> 00:08:55,480 Speaker 1: get some dollars together, let's get saving so that you 206 00:08:55,520 --> 00:08:57,360 Speaker 1: can afford to buy the show bags that are important 207 00:08:57,360 --> 00:08:59,360 Speaker 1: to you a little bit later this year, for my fiftieth, 208 00:08:59,360 --> 00:09:01,600 Speaker 1: we're going to be going away as a big family holiday, 209 00:09:02,080 --> 00:09:03,760 Speaker 1: and we've said to the kids, we're. 210 00:09:03,600 --> 00:09:05,560 Speaker 2: Paying for the flights, we're paying for the. 211 00:09:05,559 --> 00:09:09,199 Speaker 1: Accommodation, we're paying for the bulk of the activity that 212 00:09:09,240 --> 00:09:11,680 Speaker 1: we're doing. But there's a day and a half spare 213 00:09:11,720 --> 00:09:13,800 Speaker 1: when we have this holiday where we can do some 214 00:09:13,880 --> 00:09:16,160 Speaker 1: other stuff not paying for that. If you want to 215 00:09:16,160 --> 00:09:18,360 Speaker 1: do some stuff, you've got to start saving now so 216 00:09:18,360 --> 00:09:20,680 Speaker 1: that in November you can afford it. So again it 217 00:09:20,679 --> 00:09:22,440 Speaker 1: comes back to those principles that you've just shared around 218 00:09:22,480 --> 00:09:26,680 Speaker 1: the delayed gratification, knowing how to model it and go 219 00:09:26,760 --> 00:09:29,000 Speaker 1: through the experience together. We're saving up for it, just 220 00:09:29,080 --> 00:09:31,480 Speaker 1: like they are. These are the kinds of things where 221 00:09:31,720 --> 00:09:33,240 Speaker 1: I hear you talk and I'm like, oh, yeah, okay, 222 00:09:33,240 --> 00:09:34,200 Speaker 1: I'm getting some stuff. 223 00:09:34,040 --> 00:09:36,480 Speaker 2: Right, because I'm getting a lot of stuff wrong as well. 224 00:09:42,600 --> 00:09:45,000 Speaker 1: It can be helpful for kids to learn the basics 225 00:09:45,040 --> 00:09:49,000 Speaker 1: of how finances work, especially in this digital age of 226 00:09:49,160 --> 00:09:52,960 Speaker 1: invisible money. Kit is a pocket money app and card 227 00:09:53,200 --> 00:09:57,880 Speaker 1: built by Combank. It helps kids learn about money through earning, saving, 228 00:09:58,320 --> 00:10:01,160 Speaker 1: and spending pocket Money, as well by playing fun games 229 00:10:01,240 --> 00:10:01,800 Speaker 1: and quizzes. 230 00:10:02,200 --> 00:10:03,839 Speaker 2: Kit is free for. 231 00:10:03,880 --> 00:10:07,800 Speaker 1: Eligible CommBank Yellow customers, T's and C supply, or just 232 00:10:07,920 --> 00:10:11,160 Speaker 1: fifty dollars a year for up to five children. Download 233 00:10:11,160 --> 00:10:13,719 Speaker 1: the app or visit haykit dot com dot a U. 234 00:10:14,200 --> 00:10:16,920 Speaker 1: You can also download kits Free Pocket Money one O 235 00:10:17,000 --> 00:10:20,120 Speaker 1: one guide from the kit website at Heykit dot com 236 00:10:20,160 --> 00:10:23,360 Speaker 1: dot AU TMD available on the website. Consider it appropriate 237 00:10:23,400 --> 00:10:25,960 Speaker 1: for you is a tricky. 238 00:10:25,679 --> 00:10:27,080 Speaker 2: Question for me. 239 00:10:28,320 --> 00:10:32,520 Speaker 1: Money like, money's all online now, it's all symbols, it's 240 00:10:32,559 --> 00:10:35,240 Speaker 1: all code. You open up the app, and that's when 241 00:10:35,240 --> 00:10:36,400 Speaker 1: you see the money that you've got. 242 00:10:36,440 --> 00:10:37,520 Speaker 2: You tap your card. 243 00:10:37,440 --> 00:10:40,320 Speaker 1: Or whatever, and the money sort of goes from one 244 00:10:40,320 --> 00:10:41,400 Speaker 1: place to another place. 245 00:10:42,080 --> 00:10:44,240 Speaker 2: When I was growing up, you've got to hold it. 246 00:10:44,240 --> 00:10:45,240 Speaker 2: It was tangible. 247 00:10:45,760 --> 00:10:47,640 Speaker 1: You could save it in your piggy bank and go 248 00:10:47,679 --> 00:10:49,400 Speaker 1: into the bank and put it in the deposit and 249 00:10:49,400 --> 00:10:51,800 Speaker 1: all that sort of thing. We just don't do that anymore. 250 00:10:52,400 --> 00:10:56,960 Speaker 1: If cash is disappearing, how do you teach the value 251 00:10:57,559 --> 00:11:00,240 Speaker 1: of money? Since we can't do it the are we 252 00:11:00,280 --> 00:11:00,560 Speaker 1: used to. 253 00:11:01,320 --> 00:11:05,600 Speaker 4: So cash becoming digital is a real challenge for kids. 254 00:11:05,640 --> 00:11:08,560 Speaker 3: Particularly the younger kids, because they don't money is an 255 00:11:08,600 --> 00:11:12,240 Speaker 3: abstract concept, the idea that you have this thing that 256 00:11:12,640 --> 00:11:14,839 Speaker 3: you receive and then you hand over in. 257 00:11:14,880 --> 00:11:16,080 Speaker 4: Order to buy something. 258 00:11:16,600 --> 00:11:19,440 Speaker 3: It's a really tricky concept, and so for very young kids, 259 00:11:19,760 --> 00:11:22,920 Speaker 3: I would still advise, even though we rarely see it anymore, 260 00:11:22,960 --> 00:11:25,960 Speaker 3: with using cash, for young, very young kids, like around 261 00:11:25,960 --> 00:11:28,560 Speaker 3: the age of five, using cash is still important just 262 00:11:28,559 --> 00:11:31,560 Speaker 3: so that they can understand that he's a thing you transfer, 263 00:11:31,600 --> 00:11:34,680 Speaker 3: there's some source of value in order to buy things. 264 00:11:35,160 --> 00:11:38,160 Speaker 3: But we very quickly realize, and you know, even for 265 00:11:38,200 --> 00:11:40,680 Speaker 3: a very young age I had when my kid was three, 266 00:11:40,720 --> 00:11:42,760 Speaker 3: he was already tapping a card and realizing that you 267 00:11:42,760 --> 00:11:44,679 Speaker 3: need to tap something to be able to unbuy something. 268 00:11:44,760 --> 00:11:48,640 Speaker 3: So very quickly they realize that purchases can also happen online. 269 00:11:48,679 --> 00:11:52,040 Speaker 3: So my advice there is to there's no consequence when 270 00:11:52,040 --> 00:11:55,040 Speaker 3: you are tapping a card, so when you hand over cash, 271 00:11:55,080 --> 00:11:57,600 Speaker 3: there's actually a pain signal in your brain that says 272 00:11:57,600 --> 00:12:01,080 Speaker 3: you're actually losing something and you're giving something away. That 273 00:12:01,800 --> 00:12:04,480 Speaker 3: response is really muted when you're just tapping something because you're. 274 00:12:04,320 --> 00:12:06,000 Speaker 4: Like, oh, I can just tap ha ha I get stuff. 275 00:12:06,280 --> 00:12:07,760 Speaker 3: So what you need to do is to try and 276 00:12:07,840 --> 00:12:11,640 Speaker 3: recreate that feeling of actually, when I'm paying for something, 277 00:12:11,640 --> 00:12:13,319 Speaker 3: I'm losing something. So what you can do in a 278 00:12:13,400 --> 00:12:16,880 Speaker 3: digital context, for example, is show the balance, So before 279 00:12:16,920 --> 00:12:19,440 Speaker 3: your child is your child has a card, or even 280 00:12:19,440 --> 00:12:22,800 Speaker 3: if you're making a payment, show them the balance, make 281 00:12:22,800 --> 00:12:25,240 Speaker 3: the payment, show them the balance after and say I 282 00:12:25,320 --> 00:12:27,040 Speaker 3: had something and now I've spent this money and I 283 00:12:27,080 --> 00:12:28,120 Speaker 3: don't have it anymore. 284 00:12:28,160 --> 00:12:30,040 Speaker 4: So you're recreating that feeling. 285 00:12:30,600 --> 00:12:33,760 Speaker 3: The other thing you can do is let them experience 286 00:12:33,760 --> 00:12:36,960 Speaker 3: the consequences for themselves. So I know a lot of 287 00:12:37,040 --> 00:12:39,560 Speaker 3: kids in from quite a young age of paying online games, 288 00:12:40,360 --> 00:12:42,960 Speaker 3: and often that's linked to your parents credit card, which 289 00:12:43,000 --> 00:12:45,880 Speaker 3: can seem like a bit of an unlimited source of 290 00:12:45,920 --> 00:12:46,720 Speaker 3: money that's just. 291 00:12:46,679 --> 00:12:48,880 Speaker 4: Only limited by your ability to say no. 292 00:12:49,559 --> 00:12:53,640 Speaker 3: But what you can do, for example, is if they 293 00:12:53,720 --> 00:12:55,320 Speaker 3: have their own card, for example, you can just put 294 00:12:55,400 --> 00:12:57,760 Speaker 3: unlimited amount and that's so poper money, so actually spending 295 00:12:57,800 --> 00:13:01,600 Speaker 3: their own money on their game. And so when they're 296 00:13:01,600 --> 00:13:03,720 Speaker 3: spending their own money, they're going to realize really quickly 297 00:13:03,760 --> 00:13:05,880 Speaker 3: that it runs out and that there were real consequences 298 00:13:05,920 --> 00:13:08,800 Speaker 3: that if they have zero, that there's no more purchases happening. 299 00:13:08,880 --> 00:13:12,520 Speaker 3: So that then helps you give that link between payment 300 00:13:12,679 --> 00:13:13,440 Speaker 3: and consequence. 301 00:13:13,679 --> 00:13:14,640 Speaker 2: Yeah, this really fits. 302 00:13:15,520 --> 00:13:18,320 Speaker 1: We recently decided that we were going to start doing 303 00:13:18,320 --> 00:13:21,080 Speaker 1: our fruit and veggie shopping at the local market on 304 00:13:21,160 --> 00:13:25,280 Speaker 1: the weekends, and we thought we'll take cash along instead 305 00:13:25,280 --> 00:13:28,600 Speaker 1: of tapping the card. And it's really I forgot what 306 00:13:28,640 --> 00:13:31,200 Speaker 1: it feels like to have money in your pocket and 307 00:13:31,240 --> 00:13:34,040 Speaker 1: then not have money in your pocket, and it's like, Wow, 308 00:13:34,120 --> 00:13:36,240 Speaker 1: we just spent that much money, whereas if we were 309 00:13:36,280 --> 00:13:39,040 Speaker 1: tapping a card, we're not going to have. We're going 310 00:13:39,080 --> 00:13:41,480 Speaker 1: to have, like you said, a much more muted experience 311 00:13:41,679 --> 00:13:44,760 Speaker 1: of the spend ish. Let me ask you just a 312 00:13:44,840 --> 00:13:48,920 Speaker 1: general question about pocket money. So maybe it's because I've 313 00:13:48,920 --> 00:13:52,240 Speaker 1: got six kids and I'm just over paying pocket money. 314 00:13:52,240 --> 00:13:54,560 Speaker 1: But I can't be bothered with pocket money anymore. I 315 00:13:54,600 --> 00:13:57,080 Speaker 1: don't give the kids pocket money. I basically say to them, 316 00:13:57,160 --> 00:13:59,079 Speaker 1: if you need something, I'll think about maybe giving you 317 00:13:59,160 --> 00:14:01,200 Speaker 1: the money for it. We won't, And when you're old enough, 318 00:14:01,240 --> 00:14:03,120 Speaker 1: go get a job and pay for your own stuff. 319 00:14:03,400 --> 00:14:05,520 Speaker 1: Like I'm just I'm a bit over pocket money. We 320 00:14:05,640 --> 00:14:08,320 Speaker 1: used to be so diligent when our kids were younger, 321 00:14:08,559 --> 00:14:10,920 Speaker 1: our eldest kids were young, we were so good with 322 00:14:10,960 --> 00:14:14,240 Speaker 1: pocket money. I have two questions. It's a double barreled question. 323 00:14:14,480 --> 00:14:17,600 Speaker 1: First question is this our family is still giving kids 324 00:14:17,679 --> 00:14:21,560 Speaker 1: pocket money? And second question how much? 325 00:14:22,440 --> 00:14:22,600 Speaker 3: Oh? 326 00:14:22,680 --> 00:14:23,520 Speaker 4: Great questions? 327 00:14:24,320 --> 00:14:28,680 Speaker 3: Justin so so he chows about seven and ten parents 328 00:14:28,760 --> 00:14:30,080 Speaker 3: are giving pocket money. 329 00:14:31,040 --> 00:14:33,040 Speaker 4: Money means different things to different people. 330 00:14:33,160 --> 00:14:35,000 Speaker 2: Yeah, but what you're saying is I'm being a slight parent. 331 00:14:35,000 --> 00:14:35,720 Speaker 2: That's what I'm hearing. 332 00:14:36,720 --> 00:14:40,360 Speaker 3: No, every family is different, right, So for some, you know, 333 00:14:40,600 --> 00:14:42,720 Speaker 3: some families, pocket money is you know, I want to 334 00:14:42,760 --> 00:14:46,040 Speaker 3: go out with my friends. Here is twenty bucks, thirty bucks, 335 00:14:46,160 --> 00:14:48,680 Speaker 3: and that's pocket money. But for others, it's that regular 336 00:14:49,120 --> 00:14:50,920 Speaker 3: cadence of every week I'm going to give you, you know, 337 00:14:50,960 --> 00:14:53,680 Speaker 3: five dollars. I will say that the literature does say 338 00:14:53,800 --> 00:14:57,920 Speaker 3: the best way to build financial literacy in kids is 339 00:14:57,960 --> 00:15:01,440 Speaker 3: to give them a regular source of money and to 340 00:15:01,560 --> 00:15:04,040 Speaker 3: allow them to make those decisions in saving and spending, 341 00:15:04,080 --> 00:15:06,680 Speaker 3: and that you provide that parental guid and it's around 342 00:15:07,080 --> 00:15:09,880 Speaker 3: saving money and you and how they think about spending. 343 00:15:10,480 --> 00:15:12,680 Speaker 3: If you find it really difficult, like sixy I have 344 00:15:12,680 --> 00:15:13,680 Speaker 3: no idea how you do it. 345 00:15:14,320 --> 00:15:16,120 Speaker 4: I would never be able to manage six kids myself. 346 00:15:16,120 --> 00:15:19,480 Speaker 3: So I totally understand that it's really difficult to remember, 347 00:15:19,600 --> 00:15:21,880 Speaker 3: you know, every week to be able to, like, especially 348 00:15:21,880 --> 00:15:23,960 Speaker 3: if you're doing it in cash. There are digital ways 349 00:15:24,000 --> 00:15:26,120 Speaker 3: to do it online where you can just set and forget. 350 00:15:26,320 --> 00:15:29,920 Speaker 3: So at kid, for example, you can set up chores 351 00:15:29,960 --> 00:15:32,760 Speaker 3: and get pocket money. You can actually set up automatic 352 00:15:32,800 --> 00:15:34,240 Speaker 3: splitting for your kids, so you can say, when you 353 00:15:34,280 --> 00:15:36,800 Speaker 3: get pocket money, always remember geting a savings habit, so 354 00:15:36,920 --> 00:15:38,880 Speaker 3: you know, part of it's going to go into your 355 00:15:39,520 --> 00:15:41,400 Speaker 3: savings account, that's going to warn interest, part of it's 356 00:15:41,440 --> 00:15:44,160 Speaker 3: going to go onto a card and have that conversation. 357 00:15:44,240 --> 00:15:45,440 Speaker 3: But then you as a parent can kind of be 358 00:15:45,480 --> 00:15:47,720 Speaker 3: hands off and be like, okay, set and forget, but 359 00:15:47,760 --> 00:15:49,320 Speaker 3: then you can have those conversations when. 360 00:15:49,240 --> 00:15:53,880 Speaker 1: They think about yeah, hands off. So essentially what you're 361 00:15:53,880 --> 00:15:55,920 Speaker 1: saying is digitally you can you can literally set it 362 00:15:55,960 --> 00:15:57,320 Speaker 1: up so that they get their five all to ten 363 00:15:57,360 --> 00:16:00,440 Speaker 1: bucks a week and it goes in and they're pre 364 00:16:00,520 --> 00:16:02,760 Speaker 1: committed because you've had the conversation with them that they're 365 00:16:02,760 --> 00:16:05,200 Speaker 1: going to save this percentage and they're going to have 366 00:16:05,240 --> 00:16:07,800 Speaker 1: this much for spending. But it's all happening automatically. It 367 00:16:07,800 --> 00:16:10,240 Speaker 1: doesn't even need willpower, right, Like you're setting up ahead 368 00:16:10,240 --> 00:16:10,520 Speaker 1: of time. 369 00:16:11,280 --> 00:16:13,480 Speaker 3: Yes, absolutely, so about sitting them up for success, right, 370 00:16:13,520 --> 00:16:15,160 Speaker 3: Like you can't expect an eight year old to remember 371 00:16:15,200 --> 00:16:17,000 Speaker 3: every single week to be able to transfer some of 372 00:16:17,000 --> 00:16:19,080 Speaker 3: their pocket money into a savings. 373 00:16:18,760 --> 00:16:20,360 Speaker 4: Account, Like it's just too difficult. 374 00:16:20,480 --> 00:16:22,720 Speaker 3: Right. But what's more important is that you, as the parent, 375 00:16:22,760 --> 00:16:25,360 Speaker 3: have had the conversation about why you're doing. They understand 376 00:16:25,400 --> 00:16:28,160 Speaker 3: why it's good to have that savings automation. I know 377 00:16:28,240 --> 00:16:29,800 Speaker 3: you also second part of your question was. 378 00:16:29,760 --> 00:16:33,200 Speaker 4: Around how much, So I will say these are averages. 379 00:16:33,280 --> 00:16:35,720 Speaker 3: So every family is different, Every situation is different, what 380 00:16:35,800 --> 00:16:37,840 Speaker 3: kids are expected to be responsible for it. 381 00:16:37,840 --> 00:16:39,760 Speaker 4: The pocket money is also different. 382 00:16:39,880 --> 00:16:43,000 Speaker 3: So don't feel that this is if there was any 383 00:16:43,040 --> 00:16:45,240 Speaker 3: children listening and you don't get paid this amount, don't 384 00:16:45,240 --> 00:16:46,320 Speaker 3: feel like this is licensed. 385 00:16:46,400 --> 00:16:48,200 Speaker 4: Tell your parents that this is how much you should 386 00:16:48,200 --> 00:16:48,520 Speaker 4: be paid. 387 00:16:48,560 --> 00:16:51,440 Speaker 1: So well, before you even tell me cost of living 388 00:16:51,520 --> 00:16:53,400 Speaker 1: cost of living, have you got any data about how 389 00:16:53,600 --> 00:16:56,120 Speaker 1: cost of living crisis has affected pocket money? 390 00:16:56,720 --> 00:17:01,080 Speaker 3: We absolutely have so No the last about two years ago, 391 00:17:01,120 --> 00:17:04,640 Speaker 3: we saw that kids pocket money was decreasing and that's 392 00:17:04,680 --> 00:17:06,639 Speaker 3: probably a reflection of the cost of living crisis that 393 00:17:06,720 --> 00:17:08,640 Speaker 3: some parents saying, you know, we've got to cut back 394 00:17:08,680 --> 00:17:11,679 Speaker 3: in pocket money is one of those areas that they 395 00:17:11,680 --> 00:17:12,520 Speaker 3: have been cutting back. 396 00:17:12,560 --> 00:17:15,159 Speaker 4: But in the last sort of six. 397 00:17:14,920 --> 00:17:16,920 Speaker 3: Months or so, we've seen the amounts actually start to 398 00:17:16,920 --> 00:17:19,120 Speaker 3: climb back up to where they were around in sort 399 00:17:19,119 --> 00:17:20,680 Speaker 3: of twenty twenty two. 400 00:17:21,600 --> 00:17:23,200 Speaker 4: So here the numbers dropping them. 401 00:17:23,280 --> 00:17:25,520 Speaker 3: So on age of five to seven, the average is 402 00:17:25,560 --> 00:17:28,560 Speaker 3: six dollars eighty age of eight to ten, the average 403 00:17:28,560 --> 00:17:32,479 Speaker 3: is seven dollars. Thirty eleven to thirteen averages ten dollars, 404 00:17:32,520 --> 00:17:34,800 Speaker 3: and this is per week, and fourteen to seventeen it's 405 00:17:34,840 --> 00:17:38,960 Speaker 3: fourteen dollars twenty So some families are still using there's 406 00:17:38,960 --> 00:17:40,560 Speaker 3: a rule of thumb that you can use, which is 407 00:17:40,600 --> 00:17:43,119 Speaker 3: one dollar per year of age of the child. 408 00:17:43,119 --> 00:17:44,800 Speaker 4: So a five year old would get five dollars a week. 409 00:17:44,800 --> 00:17:46,920 Speaker 4: Six you'll get six dollars a week. I will say 410 00:17:46,920 --> 00:17:47,920 Speaker 4: that's before. 411 00:17:47,600 --> 00:17:50,400 Speaker 3: The current sort of period of inflation, so that rule 412 00:17:50,400 --> 00:17:53,959 Speaker 3: hasn't necessarily been adjusted. But what's most important here is 413 00:17:54,000 --> 00:17:56,600 Speaker 3: the amount doesn't matter so much as sort of what 414 00:17:56,720 --> 00:17:59,280 Speaker 3: it represents to your child. So it shouldn't be so 415 00:17:59,359 --> 00:18:01,520 Speaker 3: much that they could just whatever they want. It shouldn't 416 00:18:01,520 --> 00:18:03,200 Speaker 3: be so little that they look at it and say, 417 00:18:03,240 --> 00:18:05,439 Speaker 3: there's just no way I can buy anything. But it 418 00:18:05,520 --> 00:18:08,440 Speaker 3: needs to be enough to kind of say, Okay, maybe 419 00:18:08,440 --> 00:18:10,480 Speaker 3: I can buy some things for myself, but if I 420 00:18:10,520 --> 00:18:12,399 Speaker 3: can save up, then I can buy something else I 421 00:18:12,400 --> 00:18:15,360 Speaker 3: want for myself. So it needs to make them make 422 00:18:15,480 --> 00:18:18,200 Speaker 3: a trade off between spending and saying. But it also 423 00:18:18,240 --> 00:18:21,320 Speaker 3: needs to be something that obviously fits into your household budget. 424 00:18:21,359 --> 00:18:24,520 Speaker 3: So sometimes what I advise to people who can't afford 425 00:18:24,880 --> 00:18:28,399 Speaker 3: pocket money is to actually allocate a part of your 426 00:18:28,440 --> 00:18:31,919 Speaker 3: family budget to the pocket money. So, for example, you 427 00:18:31,960 --> 00:18:35,040 Speaker 3: want afternoon tea at school, so tell your kids you 428 00:18:35,080 --> 00:18:37,919 Speaker 3: are responsible for what you have for afternoon tea at school, 429 00:18:37,960 --> 00:18:39,680 Speaker 3: and we're going to go to the supermarket. And you 430 00:18:39,720 --> 00:18:42,240 Speaker 3: have a budget of ten dollars a week because then 431 00:18:42,400 --> 00:18:45,440 Speaker 3: and you can keep whatever whatever's left over, so you're chucking. 432 00:18:45,480 --> 00:18:46,639 Speaker 3: Then go to the supermarket and say, hey, do wan 433 00:18:46,640 --> 00:18:48,520 Speaker 3: want the really expensive chips. I get afternoon tia only 434 00:18:48,560 --> 00:18:50,800 Speaker 3: two days out of the week, and I go go hungry, 435 00:18:51,000 --> 00:18:51,960 Speaker 3: but the other three days. 436 00:18:51,960 --> 00:18:53,920 Speaker 4: Don't let you kids so hungry. Please don't let them 437 00:18:54,440 --> 00:18:55,800 Speaker 4: always make sure they meet their knees. 438 00:18:55,840 --> 00:18:58,640 Speaker 3: But maybe they might then go really cheap scape their hair, 439 00:18:58,720 --> 00:19:01,240 Speaker 3: really want that, Pope, come on, card to thirty dollars. 440 00:19:01,400 --> 00:19:03,840 Speaker 3: I'm happy to just like buy the home brand of 441 00:19:03,960 --> 00:19:07,680 Speaker 3: like the Space sticks and go with that for three 442 00:19:07,760 --> 00:19:09,440 Speaker 3: weeks so I can buy something else, So then that 443 00:19:09,560 --> 00:19:11,760 Speaker 3: doesn't sort of add to your household cost, but it 444 00:19:11,760 --> 00:19:14,080 Speaker 3: still gives them the ability to make those spending and 445 00:19:14,119 --> 00:19:15,000 Speaker 3: saving decisions. 446 00:19:15,080 --> 00:19:17,480 Speaker 1: Okay, here's my summary of the conversation. If I want 447 00:19:17,480 --> 00:19:20,480 Speaker 1: to have better conversations with my children about money, number one, 448 00:19:20,720 --> 00:19:22,720 Speaker 1: I've actually got to prioritize it and recognize that there's 449 00:19:22,760 --> 00:19:24,879 Speaker 1: value in teaching them about money and how it works. 450 00:19:25,320 --> 00:19:27,399 Speaker 1: And it seems based on this discussion that they're going 451 00:19:27,440 --> 00:19:29,880 Speaker 1: to they're going to be open to it from about 452 00:19:29,880 --> 00:19:31,920 Speaker 1: the age of five or six, but they'll really start 453 00:19:31,960 --> 00:19:34,880 Speaker 1: to kick into gear from around seven eight nine, which 454 00:19:34,960 --> 00:19:36,639 Speaker 1: is about the same time they're learning about maths and 455 00:19:36,680 --> 00:19:40,440 Speaker 1: getting those those ideas in their heads from school. The 456 00:19:40,520 --> 00:19:42,560 Speaker 1: second thing that I'm picking up is that they need 457 00:19:42,560 --> 00:19:49,600 Speaker 1: to understand savings, interest and delayed gratification so that they 458 00:19:49,600 --> 00:19:54,159 Speaker 1: can both spend but also save and ideally go and 459 00:19:54,160 --> 00:19:56,720 Speaker 1: do some earning. And the last thing that I'm really 460 00:19:56,760 --> 00:20:01,159 Speaker 1: hearing you say is that for kids to understand the 461 00:20:01,240 --> 00:20:03,520 Speaker 1: value of money, we've got to be open about it. 462 00:20:03,520 --> 00:20:06,280 Speaker 1: We've got to be willing to share what's working and 463 00:20:06,320 --> 00:20:09,479 Speaker 1: what's not and bring them into conversations around it. 464 00:20:10,000 --> 00:20:13,640 Speaker 3: Absolutely picky nail that Justina and I think, particularly around 465 00:20:14,160 --> 00:20:16,320 Speaker 3: being open with them, sort of going. 466 00:20:16,160 --> 00:20:18,119 Speaker 4: Back to that story of you know, how much do 467 00:20:18,119 --> 00:20:19,600 Speaker 4: you earn? How much does a house cost? 468 00:20:19,880 --> 00:20:21,840 Speaker 3: I think it's really important that you know, kids are 469 00:20:21,880 --> 00:20:25,840 Speaker 3: naturally curious and that we don't shut down that curiosity 470 00:20:26,480 --> 00:20:29,480 Speaker 3: because often there's there's a different question that's actually being 471 00:20:29,520 --> 00:20:31,720 Speaker 3: asked and the one they're actually asking, because how much 472 00:20:31,760 --> 00:20:34,360 Speaker 3: you earn might be a curiosity about, you know, how 473 00:20:34,440 --> 00:20:36,399 Speaker 3: is it that you make a living? Like you know, 474 00:20:36,600 --> 00:20:38,199 Speaker 3: the how much is a house cost? Is will I 475 00:20:38,240 --> 00:20:40,000 Speaker 3: be able to afford a house in the future, or 476 00:20:40,000 --> 00:20:42,159 Speaker 3: maybe it's a question of why does my friend have 477 00:20:42,200 --> 00:20:44,720 Speaker 3: a house? That you know, they're comparing themselves to others, So, 478 00:20:45,119 --> 00:20:47,560 Speaker 3: you know, rather than shutting them down, it's sort of 479 00:20:47,560 --> 00:20:49,439 Speaker 3: think about what's the conversation that they really want to 480 00:20:49,440 --> 00:20:50,120 Speaker 3: be having with you? 481 00:20:50,200 --> 00:20:51,639 Speaker 2: Did you tell your kids how much you want? 482 00:20:52,920 --> 00:20:53,760 Speaker 4: He's not old. 483 00:20:53,640 --> 00:20:57,240 Speaker 3: Enough yet, but he does think that he's that his 484 00:20:57,359 --> 00:20:59,399 Speaker 3: father is extremely rich because he had to replace our 485 00:20:59,400 --> 00:21:01,080 Speaker 3: air conditioner recently winning. 486 00:21:01,880 --> 00:21:02,479 Speaker 4: But oh no. 487 00:21:02,520 --> 00:21:04,840 Speaker 3: My winning money moment though, was he came up to 488 00:21:04,880 --> 00:21:08,199 Speaker 3: me and he said, Mom, I want this toy for 489 00:21:08,320 --> 00:21:11,040 Speaker 3: my birthday, but it's okay, we can wait for sale. 490 00:21:11,920 --> 00:21:14,640 Speaker 4: And that for me, yeah, and this is five, So 491 00:21:14,760 --> 00:21:15,680 Speaker 4: that for me was like a win. 492 00:21:15,800 --> 00:21:18,080 Speaker 3: And I think, yeah, a lot of your attitudes they 493 00:21:18,440 --> 00:21:21,040 Speaker 3: regardless whether you're having conversations my money, Like your kids 494 00:21:21,040 --> 00:21:23,640 Speaker 3: are learning. So if you don't have if you don't 495 00:21:23,680 --> 00:21:25,560 Speaker 3: have that conversation with them, they are learning anyway. So 496 00:21:25,880 --> 00:21:27,719 Speaker 3: you know, I'm a notorious chiefs gain and obviously it's 497 00:21:27,720 --> 00:21:29,240 Speaker 3: already rubbing off of my five year olds. 498 00:21:29,280 --> 00:21:32,760 Speaker 1: So I'm just thinking about my conversations with my kids 499 00:21:32,760 --> 00:21:34,960 Speaker 1: about money. They hear me complain about money a lot 500 00:21:35,520 --> 00:21:38,240 Speaker 1: and how much I'm spending. They hear me complaining about 501 00:21:38,240 --> 00:21:41,439 Speaker 1: the tax office a lot and how much the taxman takes. 502 00:21:42,280 --> 00:21:44,240 Speaker 1: But I don't know. I mean, my kids have no 503 00:21:44,320 --> 00:21:47,240 Speaker 1: idea how much income we have. They just know a 504 00:21:47,280 --> 00:21:51,000 Speaker 1: lot about our spendings. And this conversation is make me 505 00:21:51,080 --> 00:21:53,080 Speaker 1: think that I need to sit down and have some 506 00:21:53,080 --> 00:21:56,280 Speaker 1: more financial chats. We have chats every Sunday in our family. 507 00:21:56,359 --> 00:22:00,520 Speaker 1: Maybe maybe tomorrow's chat is one of those. Is the 508 00:22:00,720 --> 00:22:05,639 Speaker 1: managing director of CBA's Kit, a pocket money app and 509 00:22:05,760 --> 00:22:08,320 Speaker 1: card that teaches kids about money. It's been really good 510 00:22:08,320 --> 00:22:10,680 Speaker 1: to have this chat with you. You've really provoked a 511 00:22:10,680 --> 00:22:12,600 Speaker 1: lot of thoughts for me in ways that are much 512 00:22:12,640 --> 00:22:15,680 Speaker 1: more helpful than those social media entrepreneurs that make everyone 513 00:22:15,680 --> 00:22:19,160 Speaker 1: feel guilty about not having enough cash. 514 00:22:19,280 --> 00:22:21,040 Speaker 4: Who wants to be there? That's not money goals. 515 00:22:21,359 --> 00:22:23,760 Speaker 3: Money goals is are living your life the way you 516 00:22:23,840 --> 00:22:25,640 Speaker 3: want to live it, and money is a tool. 517 00:22:25,400 --> 00:22:25,840 Speaker 4: To get there. 518 00:22:26,119 --> 00:22:28,240 Speaker 2: Yeah, really appreciate the chat. Thanks so much for your time. 519 00:22:28,880 --> 00:22:29,560 Speaker 4: Thanks Justin. 520 00:22:29,680 --> 00:22:32,879 Speaker 1: The Happy Family podcast is produced by Justin ruland from 521 00:22:32,960 --> 00:22:37,320 Speaker 1: a Bridge Media Mim Hammonds provides additional admin and research support. 522 00:22:37,359 --> 00:22:39,639 Speaker 1: If you'd like more information about making your family happier, 523 00:22:39,920 --> 00:22:41,520 Speaker 1: find it at happy families dot com. 524 00:22:41,560 --> 00:22:41,960 Speaker 2: Dot au. 525 00:22:47,480 --> 00:22:51,000 Speaker 1: Kit is a pocket money app and card built by Combank. 526 00:22:51,440 --> 00:22:55,119 Speaker 1: Kit helps kids learn all about money, from earning, saving, 527 00:22:55,240 --> 00:22:58,400 Speaker 1: and spending their pocket money through to learning about money 528 00:22:58,480 --> 00:23:01,720 Speaker 1: by taking quizzes and play fun games. It's guilt free 529 00:23:01,800 --> 00:23:06,119 Speaker 1: screen time that helps them develop financial confidence. Kit is 530 00:23:06,400 --> 00:23:10,240 Speaker 1: free for eligible Combank Yellow customers, t's and c supply 531 00:23:10,720 --> 00:23:13,640 Speaker 1: or just fifty dollars a year for up to five children. 532 00:23:14,040 --> 00:23:17,160 Speaker 1: Download the app or visit haykit dot com dot a U. 533 00:23:17,520 --> 00:23:20,320 Speaker 1: You can also download Kit's free Pocket Money one oh 534 00:23:20,320 --> 00:23:23,399 Speaker 1: one guide from the Kit website at heykit dot com 535 00:23:23,480 --> 00:23:25,640 Speaker 1: dot AU TMD available on the website. 536 00:23:25,720 --> 00:23:27,200 Speaker 2: Consider it appropriate for you.