Money confidence isn’t something you’re born with. It’s something you build. And it can start much earlier than most people think.
We’re parents of an 11-year-old and a 25-year-old, so we’ve had a front-row seat to how early money lessons play out over time.
We run a mortgage brokerage where we help families navigate home loans and property investing. Every week, we meet capable adults who tell us, “I’m just not good with money,” or “I avoid looking at my bank account.”
Recent research shows financial literacy is declining among young Australians. At the same time, many adults have very little in savings. This is often because they weren’t taught money management skills.
Fortunately, those skills can be learned.
Here’s what that’s looked like in our house.
1 Start talking about money early
Our youngest Marcus was about two and a half when we started giving him 50 cents a week pocket money.
He was obsessed with Hot Wheels cars. Every week we’d sit down, count the coins together and talk about whether he had enough yet or whether he wanted to keep going and buy something bigger, like a track.
It’s amazing how much kids understand when you include them.
They don’t need complex explanations. They just need to be part of the conversation.
We prefer a money box for younger children rather than a bank account. Seeing and handling their money (with supervision around coins of course) makes it feel real rather than abstract.
2 Let them practise making decisions
Confidence comes from practice.
At the supermarket, Marcus helps compare shelf prices and unit prices. We turn it into a bit of a challenge. Which one is better value? Why?
As kids get older, the responsibility grows.
When our daughter was a teenager, we increased her pocket money and gradually increased what she was responsible for.
Now, at 25, she runs a sensible budget, saves consistently and has a long-term view of her finances. That didn’t happen because of one big money talk. It came from years of small, practical lessons.
3 Set meaningful savings goals
Kids are far more motivated when they’re saving for something they actually care about.
Whether it’s a toy, a piece of tech or eventually a car, having a goal makes the waiting worthwhile.
We often encourage saving at least half of the weekly pocket money. Not as a strict rule, but as a way to build the habit early. Even small amounts saved consistently grow quickly.
For bigger goals, a bank account can help. It also opens up natural conversations about how interest works and why leaving money untouched can actually benefit you.
Helping your child build a healthy relationship with money isn’t about turning them into mini finance experts. It’s about helping them feel capable when money comes up.
Capable of budgeting.
Capable of asking questions.
Capable of making a plan.
Start small. Keep it practical. Keep the conversations going.
Those small moments in the supermarket aisle or counting coins on the floor really do stick.
Jo and Carl Violeta are self-confessed numbers nerds, parents of an energetic toddler and a super switched-on teenager, and co-founders of the award-winning business, Violeta Finance. They are a husband and wife team who are passionate about empowering their community with financial education, love the odd glass of wine, and get a kick out of helping families achieve their homeownership and financial dreams.
www.violetafinance.com.au