1
00:00:03,480 --> 00:00:05,560
Speaker 1: It's the Happy Families podcast.

2
00:00:05,960 --> 00:00:10,160
Speaker 2: It's the podcast for the time poor parent who just answers.

3
00:00:10,240 --> 00:00:13,080
Speaker 1: Now today I'm a Happy Families podcast. I'm having a

4
00:00:13,160 --> 00:00:17,239
Speaker 1: chat with the managing director of Kit. Kit is a

5
00:00:17,239 --> 00:00:19,639
Speaker 1: financial app for kids so that we can help them

6
00:00:19,680 --> 00:00:21,520
Speaker 1: to understand what to do with their money and have

7
00:00:21,640 --> 00:00:25,640
Speaker 1: the conversations that matter, especially in times like this. Co

8
00:00:26,079 --> 00:00:28,920
Speaker 1: is the MD for Kit. Yes, joins me right now. Hey,

9
00:00:29,040 --> 00:00:31,240
Speaker 1: nice to be with you. Thanks for having a chat

10
00:00:31,280 --> 00:00:35,239
Speaker 1: about a topic that's becoming increasingly challenging as inflation and

11
00:00:35,400 --> 00:00:38,040
Speaker 1: cost of living and interest rates and rents and mortgage

12
00:00:38,040 --> 00:00:39,880
Speaker 1: stress just keep on increasing.

13
00:00:40,280 --> 00:00:42,320
Speaker 2: Yes, becoming more important than of us. It's great to

14
00:00:42,360 --> 00:00:42,760
Speaker 2: chat with you.

15
00:00:42,880 --> 00:00:45,599
Speaker 1: Justin Kit. You've just done a brand new study. It

16
00:00:45,680 --> 00:00:48,480
Speaker 1: was published maybe sort of four or five six weeks ago.

17
00:00:48,520 --> 00:00:50,720
Speaker 1: Now can you tell me what you found when it

18
00:00:50,760 --> 00:00:54,240
Speaker 1: comes to kids' parents and money.

19
00:00:54,600 --> 00:00:58,200
Speaker 2: So we launched Kit in Beater and May last year,

20
00:00:58,240 --> 00:01:01,080
Speaker 2: and when we launched the app, we were really deliberate

21
00:01:01,160 --> 00:01:04,480
Speaker 2: about firstly trying to get a baseline of what kids

22
00:01:04,520 --> 00:01:07,400
Speaker 2: financial capability in Australia looks like, and then try to

23
00:01:07,520 --> 00:01:12,120
Speaker 2: understand what impact our appards and having on financial capability.

24
00:01:12,360 --> 00:01:16,880
Speaker 2: So what we did was we interviewed thousands of Australian

25
00:01:16,959 --> 00:01:21,000
Speaker 2: kids and their parents, some of whom didn't use the

26
00:01:21,120 --> 00:01:24,320
Speaker 2: kit app and some who did, and we asked them

27
00:01:24,640 --> 00:01:28,600
Speaker 2: questions to test the level of financial capability. And if

28
00:01:28,600 --> 00:01:31,280
Speaker 2: you don't know the term financial capability, most people have

29
00:01:31,280 --> 00:01:34,880
Speaker 2: heard of financial literacy, which really focuses on like a

30
00:01:34,959 --> 00:01:40,319
Speaker 2: knowledge of financial concepts and understanding. But financial capability is

31
00:01:40,400 --> 00:01:45,040
Speaker 2: much more encompassing and covers your attitudes and behaviors and

32
00:01:45,200 --> 00:01:49,600
Speaker 2: the financial practices that kids are just getting involved in,

33
00:01:49,600 --> 00:01:53,720
Speaker 2: because that is much more strongly correlated with their future

34
00:01:53,960 --> 00:01:57,200
Speaker 2: success when it comes to money behaviors as an adult.

35
00:01:57,600 --> 00:02:02,240
Speaker 2: So we ask four questions and the fourth were did

36
00:02:02,280 --> 00:02:05,520
Speaker 2: you talk with your kid about money? And how many

37
00:02:05,520 --> 00:02:08,960
Speaker 2: conversations did you have? Is your kid spending their own

38
00:02:09,000 --> 00:02:11,880
Speaker 2: money and now they applying and is spending strategies when

39
00:02:11,880 --> 00:02:15,920
Speaker 2: they're spending money? Does your kid have an opportunity to

40
00:02:15,960 --> 00:02:19,320
Speaker 2: earn their own money, whether that's formal or informal, like

41
00:02:19,480 --> 00:02:23,359
Speaker 2: doing chores and earning pocket money that way, And then

42
00:02:23,520 --> 00:02:26,840
Speaker 2: finally we also asked about whether the kid was setting

43
00:02:27,240 --> 00:02:30,960
Speaker 2: and saving their own money. So we asked the population

44
00:02:31,240 --> 00:02:34,320
Speaker 2: The interesting thing that we found from just a baseline

45
00:02:34,360 --> 00:02:38,000
Speaker 2: study Australian population was actually there's a decent proportion of

46
00:02:38,360 --> 00:02:42,320
Speaker 2: Australian kids who are already doing all of these behaviors

47
00:02:42,360 --> 00:02:45,720
Speaker 2: that would indicate they can be financially sad in the future. So,

48
00:02:46,600 --> 00:02:50,320
Speaker 2: for example, we found that eighty percent of parents and

49
00:02:50,400 --> 00:02:52,720
Speaker 2: carers are talking to their children about money within the

50
00:02:52,760 --> 00:02:55,760
Speaker 2: past two weeks, and on average they're talking about three

51
00:02:55,800 --> 00:02:59,080
Speaker 2: times a week. Sixty four percent of kids are applying

52
00:02:59,080 --> 00:03:03,400
Speaker 2: spending strategies, and eighty secular kids asked buying things with

53
00:03:03,440 --> 00:03:05,360
Speaker 2: their own money, not just their parents' money, but their

54
00:03:05,400 --> 00:03:08,240
Speaker 2: own money, and seventy four percent of children are saving

55
00:03:08,280 --> 00:03:10,920
Speaker 2: their own money. So that's already a pretty something that

56
00:03:10,960 --> 00:03:14,360
Speaker 2: we were really surprised about. When we then looked at

57
00:03:14,400 --> 00:03:18,519
Speaker 2: the comparison between people who were using kid or a

58
00:03:18,600 --> 00:03:21,320
Speaker 2: digital service that is encouraging as a tool to help

59
00:03:21,960 --> 00:03:25,400
Speaker 2: families do this, we found that there was a statistically

60
00:03:25,480 --> 00:03:31,280
Speaker 2: significant increase in all of those behaviors, with the exception

61
00:03:31,320 --> 00:03:32,960
Speaker 2: of children buying things to their own money, So we

62
00:03:32,960 --> 00:03:37,480
Speaker 2: didn't have children additional children who weren't buying things to

63
00:03:37,480 --> 00:03:38,920
Speaker 2: the own many and then starting to buy things to

64
00:03:38,960 --> 00:03:42,040
Speaker 2: their own money. But we saw that those kids were

65
00:03:42,080 --> 00:03:45,920
Speaker 2: more likely to apply spending strategies than there were spending.

66
00:03:46,440 --> 00:03:49,640
Speaker 1: So what I'm hearing you say, YSH, is that in

67
00:03:49,760 --> 00:03:53,040
Speaker 1: general Australian parents are talking to their kids and having

68
00:03:53,120 --> 00:03:58,120
Speaker 1: financial literacy conversations, which seems to be increasing the financial

69
00:03:58,280 --> 00:04:01,400
Speaker 1: capability of Australian kids. What you're also finding is that

70
00:04:01,600 --> 00:04:03,960
Speaker 1: when parents go to the effort with their children of

71
00:04:04,000 --> 00:04:08,000
Speaker 1: downloading an app to help them to manage their financial situation,

72
00:04:08,120 --> 00:04:11,600
Speaker 1: whether it's the kit app or another one, they seem

73
00:04:11,640 --> 00:04:14,320
Speaker 1: to be doing just a little bit better, just marginally

74
00:04:14,360 --> 00:04:17,720
Speaker 1: better and all the stuff that indicates financial literacy and

75
00:04:17,880 --> 00:04:22,200
Speaker 1: financial capability. Is that a fair summation, yes.

76
00:04:22,560 --> 00:04:24,880
Speaker 2: And I think you know what a digital service or

77
00:04:24,920 --> 00:04:27,080
Speaker 2: of app that helps you do that is really about

78
00:04:27,320 --> 00:04:29,960
Speaker 2: creating a system and a regular routine around it. So

79
00:04:30,360 --> 00:04:34,760
Speaker 2: for example, in kid we've created a construct that's called payday,

80
00:04:34,760 --> 00:04:37,599
Speaker 2: and the idea around having a regular schedule around that

81
00:04:37,720 --> 00:04:42,400
Speaker 2: is an opportunity to prompt that conversation between parents and

82
00:04:42,480 --> 00:04:43,919
Speaker 2: kids about you know what chores, if you've done this

83
00:04:43,960 --> 00:04:46,720
Speaker 2: week and you know what have you earned and had

84
00:04:46,720 --> 00:04:49,840
Speaker 2: the opportunity to talk about other things that have been

85
00:04:49,839 --> 00:04:51,320
Speaker 2: going on money, but later in the house.

86
00:04:51,440 --> 00:04:53,839
Speaker 1: So when you've done all this research, and given that

87
00:04:53,880 --> 00:04:56,560
Speaker 1: you're working with parents and families all the time, what

88
00:04:56,640 --> 00:04:59,960
Speaker 1: I'm curious to know is clearly kids have got their

89
00:05:00,080 --> 00:05:02,400
Speaker 1: own money, they're spending their own money on their own things,

90
00:05:02,480 --> 00:05:07,200
Speaker 1: and they are applying spending strategies when they're making purchasing decisions.

91
00:05:07,480 --> 00:05:09,120
Speaker 1: Although that numbers a little bit lower. I think you

92
00:05:09,120 --> 00:05:13,640
Speaker 1: said sixty four percent are really thinking thoughtfully about the

93
00:05:13,640 --> 00:05:16,599
Speaker 1: strategies they want to approach. Here's my question. A kid's

94
00:05:16,640 --> 00:05:18,920
Speaker 1: just blowing their money, Like I mean, when I was

95
00:05:18,960 --> 00:05:20,480
Speaker 1: a kid, I went down to the corner store it

96
00:05:20,560 --> 00:05:22,039
Speaker 1: or went on the lollies, or it went into the

97
00:05:22,160 --> 00:05:26,120
Speaker 1: arcade games. Nowadays, with access to digital payments, we've got

98
00:05:26,120 --> 00:05:30,160
Speaker 1: online gambling and betting, we've got online gaming. Generally, we

99
00:05:30,240 --> 00:05:33,400
Speaker 1: see kids spend their money differently and in I guess

100
00:05:33,520 --> 00:05:37,159
Speaker 1: less productive, less positive ways, or are they thoughtful about

101
00:05:37,160 --> 00:05:38,200
Speaker 1: what they're spending their money on.

102
00:05:39,000 --> 00:05:41,520
Speaker 2: So I think that's really interesting. That's one of the

103
00:05:41,600 --> 00:05:44,839
Speaker 2: key key behaviors that kids have to learn. It's that

104
00:05:44,920 --> 00:05:48,200
Speaker 2: delayed gratification. It's how do you exercise and that muscle

105
00:05:48,240 --> 00:05:50,279
Speaker 2: that says I don't need to have everything now, but

106
00:05:50,320 --> 00:05:52,559
Speaker 2: actually if I wait, I can get something even better.

107
00:05:53,800 --> 00:05:56,599
Speaker 2: What we are seeing through the kit app is that

108
00:05:57,040 --> 00:06:01,120
Speaker 2: there are some children who do spend all their money

109
00:06:01,160 --> 00:06:02,560
Speaker 2: and you see the pocket money will come in and

110
00:06:02,600 --> 00:06:03,800
Speaker 2: the pocket money will come out.

111
00:06:03,920 --> 00:06:04,440
Speaker 1: That was funny.

112
00:06:04,440 --> 00:06:09,440
Speaker 2: Actually, I do see. You know, more than a significant

113
00:06:09,680 --> 00:06:13,080
Speaker 2: portion have actually set a specific goal, so you know

114
00:06:13,120 --> 00:06:15,760
Speaker 2: they're actually saving for something and they've got money in

115
00:06:15,839 --> 00:06:18,760
Speaker 2: there and they don't have a balance at zero. All

116
00:06:18,800 --> 00:06:20,880
Speaker 2: of that comes down to, I think the conversation that

117
00:06:20,960 --> 00:06:23,479
Speaker 2: happens with the parent about the importance of that to

118
00:06:23,520 --> 00:06:25,120
Speaker 2: get the kid setting it up.

119
00:06:25,320 --> 00:06:26,720
Speaker 1: Yeah, I was I was going to jump in and

120
00:06:26,760 --> 00:06:29,560
Speaker 1: say exactly that. As a parent, I know that so

121
00:06:29,640 --> 00:06:31,400
Speaker 1: that my kids don't do what I did because I

122
00:06:31,480 --> 00:06:34,080
Speaker 1: was just so bad, Like I was hopeless with my

123
00:06:34,120 --> 00:06:36,239
Speaker 1: money as a kid. I just spent it on whatever

124
00:06:36,279 --> 00:06:38,240
Speaker 1: I wanted, whenever I wanted, until it was all gone,

125
00:06:38,240 --> 00:06:40,880
Speaker 1: and then I waited until the next pay or the

126
00:06:40,920 --> 00:06:44,560
Speaker 1: next pocket money. My sense is that parents are actually saying, well,

127
00:06:44,560 --> 00:06:47,560
Speaker 1: you know what we're going to do the that holiday

128
00:06:47,600 --> 00:06:49,600
Speaker 1: that we've been planning. We're going to go camping, We're

129
00:06:49,640 --> 00:06:51,120
Speaker 1: going to go on that trip. We're going to go

130
00:06:51,200 --> 00:06:52,880
Speaker 1: We're going to go to the Easter Show next year.

131
00:06:52,920 --> 00:06:55,560
Speaker 1: It's a long way away, but it costs a fortune.

132
00:06:55,640 --> 00:06:58,080
Speaker 1: So whether it's the Ekka or the Easter Show or

133
00:06:58,240 --> 00:07:01,360
Speaker 1: whatever it is, in the relevant capitalisty parents are actually saying,

134
00:07:01,839 --> 00:07:05,159
Speaker 1: let's put a budget together, let's use the app, let's

135
00:07:05,240 --> 00:07:06,960
Speaker 1: use the digital tools that we have to do that.

136
00:07:07,000 --> 00:07:08,640
Speaker 1: And I love that you've got the data right Like

137
00:07:08,680 --> 00:07:11,520
Speaker 1: with the app, you you're not looking at individual families

138
00:07:11,600 --> 00:07:14,320
Speaker 1: or justin Colson's kids have saved this much money, but

139
00:07:14,400 --> 00:07:17,160
Speaker 1: you've got this this blanket data. You can say, wow,

140
00:07:17,200 --> 00:07:19,640
Speaker 1: on average, here's what we're seeing. It must be fascinating

141
00:07:19,680 --> 00:07:20,080
Speaker 1: to watch.

142
00:07:20,640 --> 00:07:23,160
Speaker 2: It's absolutely fascinating. And one of the things that's surprise

143
00:07:23,240 --> 00:07:25,600
Speaker 2: with the data is that one of the most popular

144
00:07:25,640 --> 00:07:27,760
Speaker 2: categories of things that kids are saying, boy is actually

145
00:07:27,760 --> 00:07:32,640
Speaker 2: donating to charity. Really yes, And you know that's obvious,

146
00:07:32,680 --> 00:07:34,520
Speaker 2: only that the parents are really encouraging them to do

147
00:07:35,160 --> 00:07:36,520
Speaker 2: so that when they do get their pocket money, that

148
00:07:36,520 --> 00:07:38,280
Speaker 2: they set aside a little bit wi other And you know,

149
00:07:38,320 --> 00:07:40,680
Speaker 2: particularly given the economic environment we're in right now, I

150
00:07:40,680 --> 00:07:45,000
Speaker 2: think that's incredibly great work that Australian families are doing that.

151
00:07:45,200 --> 00:07:47,560
Speaker 1: Yeah, I reckon the barefoot investor, I reckon. Scott Pave

152
00:07:47,600 --> 00:07:49,840
Speaker 1: has a bit to do with that with his these

153
00:07:49,880 --> 00:07:56,280
Speaker 1: different jars right now where I mean inflation and interest

154
00:07:56,360 --> 00:07:58,280
Speaker 1: rates and cost of living. It's all anyone's talked about

155
00:07:58,280 --> 00:08:00,960
Speaker 1: for the last twelve months, and some data is showing

156
00:08:00,960 --> 00:08:04,040
Speaker 1: that things are a little bit better. But for everyday families,

157
00:08:04,040 --> 00:08:06,000
Speaker 1: we're not necessarily feeling better just because the data is

158
00:08:06,040 --> 00:08:10,640
Speaker 1: saying it's getting better, not really. So when when do

159
00:08:10,680 --> 00:08:14,120
Speaker 1: you reckon? Or how do you reckon? Parents can integrate

160
00:08:14,240 --> 00:08:18,880
Speaker 1: more of these kinds of conversations about money into their

161
00:08:18,920 --> 00:08:21,120
Speaker 1: interactions with their kids, and how do they do it

162
00:08:21,120 --> 00:08:23,239
Speaker 1: in a way that the kids aren't going, oh, my goodness,

163
00:08:23,240 --> 00:08:24,920
Speaker 1: we're going to lose the house, or I know, what

164
00:08:24,960 --> 00:08:27,040
Speaker 1: do we do because tomatoes are costing four hundred dollars.

165
00:08:27,160 --> 00:08:28,960
Speaker 1: Well they're not, obviously four hundred dollars killo, but it

166
00:08:28,960 --> 00:08:31,680
Speaker 1: feels like it. How do you have that conversation with

167
00:08:31,800 --> 00:08:35,560
Speaker 1: your kids where you're talking about the money challenges but

168
00:08:35,600 --> 00:08:37,720
Speaker 1: you're not stressing them out about money and making sure

169
00:08:38,440 --> 00:08:40,320
Speaker 1: you know, some kids just internalize and think that they're

170
00:08:40,320 --> 00:08:43,080
Speaker 1: not allowed to eat anymore. Such a difficult time and

171
00:08:43,120 --> 00:08:44,680
Speaker 1: such a difficult thing to go through.

172
00:08:45,640 --> 00:08:48,160
Speaker 2: Yeah, and I think, you know, it's very it's a

173
00:08:48,280 --> 00:08:50,520
Speaker 2: very easy chap to fall into thinking this is just

174
00:08:50,640 --> 00:08:52,560
Speaker 2: too hard and it's better if I just ignore it

175
00:08:52,559 --> 00:08:54,200
Speaker 2: and not talk about it at all, because I don't

176
00:08:54,240 --> 00:08:56,160
Speaker 2: want to stress out my kids and I don't want

177
00:08:56,200 --> 00:08:58,880
Speaker 2: to worry them. Yeah, but I would say it's even

178
00:08:58,960 --> 00:09:04,280
Speaker 2: more important because you know, things are changing in the household.

179
00:09:04,320 --> 00:09:06,360
Speaker 2: It's important to give PIDs a big a sense of

180
00:09:07,720 --> 00:09:10,840
Speaker 2: optimism around it and not to kind of turn it

181
00:09:10,880 --> 00:09:14,240
Speaker 2: into a into you know, something that they feel is unamatgeable,

182
00:09:14,240 --> 00:09:16,400
Speaker 2: but you know, give them a bit of agency around

183
00:09:16,400 --> 00:09:19,800
Speaker 2: you know, tomatow's really expensive. You know, can you help me,

184
00:09:19,840 --> 00:09:22,240
Speaker 2: like come up with the recipe where you know this

185
00:09:22,240 --> 00:09:24,440
Speaker 2: this pumpkins are cheap at the moment, pumpkins are at

186
00:09:24,440 --> 00:09:26,840
Speaker 2: all of fifty a kilo at the supermarket. You know, yeah,

187
00:09:26,840 --> 00:09:29,200
Speaker 2: I say money, Like, come up with a creative recipe,

188
00:09:29,280 --> 00:09:31,400
Speaker 2: like what can we do with pumpkins? So you know,

189
00:09:31,480 --> 00:09:35,560
Speaker 2: it's about reassuring them that you know, you, as a parent,

190
00:09:36,480 --> 00:09:39,079
Speaker 2: have got some things in place to help manage the situation. Yes,

191
00:09:39,120 --> 00:09:41,720
Speaker 2: it might be a little bit tough, but try and

192
00:09:41,880 --> 00:09:44,560
Speaker 2: get their help and like make it fun and rewarding,

193
00:09:44,600 --> 00:09:46,960
Speaker 2: even though you know you yourself might not be feeling that.

194
00:09:47,040 --> 00:09:48,400
Speaker 2: It's very fun a rewarding time.

195
00:09:48,679 --> 00:09:51,040
Speaker 1: I love that I'm in Queensland and you mentioned pumpkins

196
00:09:51,080 --> 00:09:52,760
Speaker 1: and I just got to put a shout out to

197
00:09:52,760 --> 00:09:55,959
Speaker 1: Flow to your competers and the pumpkin SCons. That might

198
00:09:56,000 --> 00:10:00,400
Speaker 1: be a generational joke. Yeah, I'm also thinking. So we

199
00:10:00,440 --> 00:10:02,200
Speaker 1: did something just recently a couple of months ago with

200
00:10:02,200 --> 00:10:04,040
Speaker 1: one of our kids for her birthday. She wanted to

201
00:10:04,040 --> 00:10:06,079
Speaker 1: do a bake sale and it was a huge amount

202
00:10:06,080 --> 00:10:08,240
Speaker 1: of work, but she actually made a fair bit of money.

203
00:10:08,240 --> 00:10:10,320
Speaker 1: She really wanted to do the bake sale because she

204
00:10:10,360 --> 00:10:12,080
Speaker 1: wanted to do some baking, but she wanted cash for

205
00:10:12,120 --> 00:10:15,000
Speaker 1: her birthday. And we just set up a little store

206
00:10:15,040 --> 00:10:17,240
Speaker 1: outside our house and all the neighbors came past and

207
00:10:17,320 --> 00:10:20,120
Speaker 1: stopped and bought cupcakes and melting moments and that sort

208
00:10:20,160 --> 00:10:22,320
Speaker 1: of stuff. She walked away with like two hundred bucks

209
00:10:22,400 --> 00:10:24,800
Speaker 1: from a morning of bake sale, and that was profit

210
00:10:24,880 --> 00:10:26,880
Speaker 1: after she paid us back for the flour and the

211
00:10:26,960 --> 00:10:29,240
Speaker 1: chocolate and all the ingredients.

212
00:10:29,520 --> 00:10:30,440
Speaker 2: I guess what's brilliant.

213
00:10:30,480 --> 00:10:32,280
Speaker 1: I guess what I'm saying is there are creative ways

214
00:10:32,320 --> 00:10:35,000
Speaker 1: that we can engage with our kids, have meaningful moments

215
00:10:35,040 --> 00:10:37,760
Speaker 1: with them, but also teach them about how money works.

216
00:10:37,800 --> 00:10:41,120
Speaker 1: And I don't know, I guess be a little bit entrepreneurial,

217
00:10:41,280 --> 00:10:43,000
Speaker 1: have a little bit of fun with it. And even

218
00:10:43,040 --> 00:10:46,000
Speaker 1: though most people out there are saying, yeah, this is

219
00:10:46,040 --> 00:10:49,320
Speaker 1: really tough, we found that our neighbors were so enthusiastic

220
00:10:49,360 --> 00:10:51,080
Speaker 1: about it that they were quite happy to part with

221
00:10:51,280 --> 00:10:53,880
Speaker 1: four or ten dollars or whatever to buy those treats

222
00:10:53,920 --> 00:10:55,160
Speaker 1: to take home. They thought it was great and it

223
00:10:55,200 --> 00:10:57,080
Speaker 1: was still so much cheaper than you get at the

224
00:10:57,080 --> 00:10:57,960
Speaker 1: local supermarket.

225
00:10:59,000 --> 00:11:02,320
Speaker 2: That's brilliant. Yeah, and that just ties, you know, giving

226
00:11:02,400 --> 00:11:03,959
Speaker 2: kids that sense of what time to be an agency

227
00:11:03,960 --> 00:11:06,439
Speaker 2: and how awesome which you felt to walk away two

228
00:11:06,480 --> 00:11:07,080
Speaker 2: hundred dollars.

229
00:11:07,360 --> 00:11:09,160
Speaker 1: Yeah, yeah, it was. It was a lot of fun. Okay,

230
00:11:09,240 --> 00:11:13,040
Speaker 1: that's my bragging out of the way. So when we

231
00:11:13,160 --> 00:11:16,680
Speaker 1: have this conversation and money stuff comes up, I guess

232
00:11:16,920 --> 00:11:19,640
Speaker 1: what I'm always interested in is can we find a

233
00:11:19,679 --> 00:11:22,559
Speaker 1: take home message? Is there something that we can offer

234
00:11:22,600 --> 00:11:26,599
Speaker 1: to parents that helps them to step into conversations with

235
00:11:26,679 --> 00:11:29,319
Speaker 1: their kids about money without stressing them, or helps them

236
00:11:29,360 --> 00:11:31,920
Speaker 1: to teach their kids to be more financially literate and

237
00:11:32,040 --> 00:11:35,439
Speaker 1: financially capable. What's your take home message from this conversation

238
00:11:35,520 --> 00:11:38,760
Speaker 1: and the research that you're doing and the incredible insight

239
00:11:38,800 --> 00:11:41,720
Speaker 1: that you have into how kids are managing their money

240
00:11:41,880 --> 00:11:43,400
Speaker 1: using the kit app.

241
00:11:44,679 --> 00:11:48,560
Speaker 2: So I'll share maybe two things. So one is that

242
00:11:48,640 --> 00:11:51,760
Speaker 2: you know, there's always been this tag around money and

243
00:11:52,080 --> 00:11:54,760
Speaker 2: it's a nerve wracking experience for a lot of adults

244
00:11:54,760 --> 00:11:56,680
Speaker 2: because you know, if you don't yourself feel like I'm

245
00:11:56,679 --> 00:11:59,640
Speaker 2: completely on top of it. You know, I don't personally

246
00:11:59,679 --> 00:12:02,520
Speaker 2: look at my budget every month, probably like once a

247
00:12:02,600 --> 00:12:05,000
Speaker 2: year or something. I'm not actually pastally very good at that.

248
00:12:05,040 --> 00:12:07,360
Speaker 2: But you don't have to, you know, be an investment

249
00:12:07,480 --> 00:12:09,600
Speaker 2: wizard in order to be good at money. What you

250
00:12:09,679 --> 00:12:12,320
Speaker 2: can do is be have a positive attitude about it

251
00:12:12,360 --> 00:12:16,040
Speaker 2: and take positive steps to improve your financial capability. And

252
00:12:16,080 --> 00:12:19,280
Speaker 2: having a positive attitude about money will rub off on

253
00:12:19,360 --> 00:12:22,200
Speaker 2: your kids. Similarly, like, you know, some people say, oh,

254
00:12:22,240 --> 00:12:24,200
Speaker 2: I'm just never good at maths, and you know if

255
00:12:24,240 --> 00:12:26,360
Speaker 2: you try and tell you, oh, you know, I wasn't

256
00:12:26,360 --> 00:12:27,960
Speaker 2: good at maths, therefore you won't be good at maths.

257
00:12:28,000 --> 00:12:31,680
Speaker 2: You know, that's a furfee. You know, with money, anybody

258
00:12:31,800 --> 00:12:33,080
Speaker 2: can be good at money. You don't have to be

259
00:12:33,080 --> 00:12:35,320
Speaker 2: a wizard, but you can always take positive steps and

260
00:12:35,320 --> 00:12:37,760
Speaker 2: there's no shame in you know, whatever you might have

261
00:12:37,800 --> 00:12:39,800
Speaker 2: done in the past when it comes to money. That's

262
00:12:39,840 --> 00:12:44,120
Speaker 2: one thing, and the second one is that those indicators

263
00:12:44,160 --> 00:12:47,280
Speaker 2: financial capability in the study that we did, there's other

264
00:12:47,360 --> 00:12:49,839
Speaker 2: research out there that shows that the most important thing

265
00:12:49,840 --> 00:12:52,360
Speaker 2: that you can do for kids and their financial capability

266
00:12:52,400 --> 00:12:56,240
Speaker 2: is actually giving them autonomy and experience making their own

267
00:12:56,280 --> 00:12:59,319
Speaker 2: decisions with money. So that means making the twenty dollars

268
00:12:59,320 --> 00:13:02,520
Speaker 2: mistake where they blown all their Pokemon money on Pokemon

269
00:13:02,600 --> 00:13:04,200
Speaker 2: cards and then they've missed out on the toy that

270
00:13:04,200 --> 00:13:06,400
Speaker 2: they really wanted in a few weeks time. Because it's

271
00:13:06,440 --> 00:13:08,120
Speaker 2: much better to make a twenty dollars mistake than a

272
00:13:08,120 --> 00:13:11,280
Speaker 2: two thousand dollars mistake. So for some parents it's a

273
00:13:11,320 --> 00:13:12,719
Speaker 2: little bit of a you need to let go of it,

274
00:13:12,760 --> 00:13:14,959
Speaker 2: a little bit of control and let your kids get

275
00:13:15,000 --> 00:13:18,120
Speaker 2: that experience with that money so that they can learn

276
00:13:18,160 --> 00:13:20,800
Speaker 2: about the benefits of saving, how to spend smartly.

277
00:13:21,920 --> 00:13:24,600
Speaker 1: I love this. I love it. Heykit dot com dot

278
00:13:24,760 --> 00:13:27,040
Speaker 1: you to find out more about the Kit mooney app.

279
00:13:27,160 --> 00:13:30,640
Speaker 1: Haykit dot com dot you. Yeshko is the managing director

280
00:13:30,720 --> 00:13:32,480
Speaker 1: of Kit. Thanks for joining me on the podcast.

281
00:13:33,280 --> 00:13:34,640
Speaker 2: Thanks so much for having me Justin.

282
00:13:34,720 --> 00:13:37,040
Speaker 1: The Happy Family's podcast is produced by Justin Rawan from

283
00:13:37,040 --> 00:13:40,240
Speaker 1: Bridge Media. Craig Bruce is our executive producer. For more info,

284
00:13:40,400 --> 00:13:42,679
Speaker 1: Heykit dot com dot you about the money stuff or

285
00:13:42,679 --> 00:13:45,160
Speaker 1: to make your family happier, visit us at Happy Families

286
00:13:45,200 --> 00:13:45,920
Speaker 1: dot com dot you