Imagine if you could get your youngest customers more on board with your offerings from an early age. If you’re a super fund, imagine getting that elusive 15-21 year old bracket to engage with their super (with your fund, naturally) even earlier – think of the balance they’d have by the time they’re as old as most members are when they start engaging! And if you’re an employer, picture less stressed and more productive juniors who are happy and confident in dealing with the money they’re earning with you.
That’s what simple, mobile-first child and teen-centred online financial education is all about. We reckon it’s got huge potential to change the way young people engage with their personal finances and the financial system at large. We’re exploring that potential, starting now.
Where’s this project coming from?!
Global Money Week is an international celebration, organised by Child & Youth Finance International. CYFI is an NGO that works in 132 different countries. They aim to reshape the way that children and youth engage with the financial system. It’s a mission that’s close to our hearts at Money101. This year’s theme is Learn. Save. Earn. The goal is to encourage children and young people to learn about “money, saving, creating livelihoods, gaining employment and becoming an entrepreneur.”
To celebrate #GMW2017, we’ve developed these three awesome new units. They’re designed to help kids learn a few things about money that they might not learn elsewhere. And they’re available here, totally free of charge.
Global Money Week runs ’til the 2nd of April 2017. We’re making these units available until the 9th of April 2017. It’ll give you more time to share the learning around, and it’ll give the kids something to do in the school holidays!
How badly do kids really need education?
We decided to focus on budgeting, superannuation, and starting a job for the first time. Part of the reason for this is that young people’s spending power in Australia is growing all the time. Kids get great numeracy education and guidance from their parents. Despite this, they don’t always have the info and skills they need to make smart money decisions.
A few years ago, one bank’s survey suggested that the average Aussie kid starts getting pocket money at age 6. This ‘average kid’ gets around $10 a week. But only 30% of kids save all of the time, and 33% hardly ever (or never) save their coins for a rainy day[i]. A Roy Morgan survey later the same year found kids are earning up to $20 a week for their chores, but most aren’t saving for a goal – only around 30% are aiming for a big ticket item[ii]. Last year during Global Money Week, ASIC mentioned research showing that 80% of 15 year olds have a bank account, and 73% earn money from work, whether it’s at work or informal jobs. Around 90% of them also have a phone they pay for – or should pay for, when their parents aren’t picking up the tab![iii]
Speaking of parents…
Teaching kids about money can be pretty awkward for some parents, especially when each parent has different ideas or values when it comes to handling cash. Money management is one of those life skills that parents can teach by example, but it takes a bit of planning and foresight to deliver a really effective ‘lesson’.
To help parents get a start on teaching their kids about money, we’ve developed a super simple mobile unit that covers all the basics. Parents can do this unit in about two minutes, and cover all the basics including natural ‘teachable moments’.
How do I access the units?
(EDIT 10/04/17: This offer ended on 09/04/17. For more information about this content, please contact us.)