You play an important role in developing your child’s financial literacy. By observing your financial values and behaviour, your child may:

• influence and participate in family spending
• listen to conversations about value for money and savings decisions
• learn how to safely and securely make transactions online and via apps, for example, mobile banking, MyGov and Medicare services
• practise their own purchasing decisions.

Talk about spending choices

Start by talking at home about the difference between ‘needs’ and ‘wants’ and how this impacts spending choices. This can help your child feel more confident about their financial skills and decision making.

You can role model by:

• making a shopping plan
• setting a budget
• comparing prices at the shops and looking for ‘value for money’ products.

Buying in a digital world

The digitisation of money and buying things in a virtual world, makes it harder to reflect on the consequences of spending. Children and young people need to:

• think critically
• pose good questions
• think about what answers they can trust.

Support your child to consider spending options and the consequences of their spending decisions. This may include asking:

• Will I be locked into a contract?
• Are there hidden fees and charges?
• Could I lose my money?

Talk about how financial decisions can impact our community

Talk to your child about how financial decisions can affect the wider community. This could include:

• the impact on local, national and global economies (emissions targets and renewable energy projects)
• how taxes work for personal benefit (waste management) and the community (roads and infrastructure)
• unethical practices (fraud and scams) and how they may represent an abuse of privilege and power
• the role of peer and celebrity pressure on addictive spending (shopaholic behaviour) and risk taking (gambling).

Talk about the impacts of gaming and gambling

Gaming and gambling have the potential for risks and harm to children and young people.

Some online games have gambling as a central theme. Progress may depend on winning a gambling game. Games with ‘loot boxes’ encourage gambling behaviours.

You can support your child by:

• being a good role model
• making rules about what online games they access
• playing the game to understand any potential dangers
• letting them know the risks of gambling
• talking about gambling advertising
• adjusting online security and advertisements settings on social media
• blocking access to gambling websites
• activating parental controls.

You can find tips on how to start a conversation and support young people on the Gamble Aware (NSW Government) website.

Resources to explore at home

• Money managed – practical information, tips and tools to help teenagers and parents make smart financial decisions.
• Raising children: the Australian parenting website – explore age-appropriate skill development activities; for example:
  • 3 to 5 years – children can learn about money when they help with the shopping
  • 5 to 7 years – children can learn the basics of managing money with pocket money (dependent on family circumstance and values); money management concepts include earning, saving, spending, borrowing and repaying money
  • 9 to 11 years – children learn about healthy video gaming habits including self-regulation and safety.
• MoneySmart – information and online tools to help you manage your money.
• Australian Taxation Office – parent toolkit – resources to help parents teach their child about tax, super, identify theft and more.
• eSafety education – parents – advice for parents to help their child stay safe online.
• Scamwatch – advice on how to recognise, avoid and report scams.
• Australian Cyber Security Centre – advice and information about how to protect yourself online.

More information and support

If you are concerned your child is experiencing financial distress, they can contact:

• Kids Helpline on 1800 55 1800 – a free, private and confidential phone and online counselling service for 5- to 25-year-olds.
• Headspace on 1800 650 890 – information and phone counselling for 12- to 25-year-olds.

The eSafety Commissioner provides online safety programs and resources

Let your school know about your concerns

If you are concerned about problems or issues your child is experiencing, it’s important to let the school know as soon as possible.

This helps your child’s teacher close the gap between classroom learning and advice from home.

Explore opportunities in your community

Investigate if there are any community projects in your area that encourage young people to use and practise their financial literacy knowledge and skills. For example, some local governments:

• offer grants to encourage leadership
• hold youth committees that influence how events and activities are organised and funded.

Check your local government website for opportunities.