Junior Achievement representative Kim McGrigg stopped by the 9NEWS studio Monday morning to offer advice on ways to inform your child on smart spending. She recommended simple things such as comparing prices for different products at the grocery store.
Another tip is taking out coins and teaching kids how much they are worth. She also touched on distinguishing "needs" from "wants."
These forums allow kids to learn financial responsibility and decision-making skills as they come up with plans on how to save and spend money. They will also learn how to identify personal income sources, using different payment methods and better understand the costs and benefits of using credit.
In addition to financial decision making skills, kids will learn the ins and outs of our economic system and good investing techniques.
As the kids reach high school, they will be put into mock financial situations where they will make decisions regarding house and car purchases. Being able to make such decisions will help them in creating a financial plan for their future.
Below are links parents can use to give their kids further financial advice:
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