Teaching kids about money as early as possible is one of the best ways to set them up for a good financial future.
According to recent ABS data, almost one in five (17 percent) Australian children start school without basic skills like counting to 20 and recognising numbers. RateCity is determined to improve this statistic through easy to follow and engaging programs for parents and children.
The below videos form part of a bigger online program being developed at RateCity to assist parents seeking a better financial education for thier children.
RateCity's cartoon, and video series for parents, provides creative ideas on how to engage children in the money conversation and raise financially-savvy kids!
Tinka and the Scooter
Understanding money isn't just about learning how to deposit money or plan a budget. It's about valuing what we have and making choices about what we need and what we want.
RateCity's first cartoon is narrated by a turtle called Tinka who talks directly to young children about long-term goals in a way they will understand.
Watch as Tinka learns to save her pocket money – and go without her favourite chocolate fish – to buy a scooter!
Guides for parents
Episode 1: Getting started on saving pocket money
Kids want the latest stuff even more than we do – whether it's iPads, bikes or toys. That's why it's really important to help them understand that things cost money and that money doesn't grow on trees.
We get asked all the time about when to start teaching kids to save, the truth is it's never too early to start.
A great way to start teaching kids the value of money is to introduce pocket money. Watch episode 1 as RateCity's Ali Cassim shares her top tips for getting started on saving pocket money.
Episode 2: Understanding money
With the cost of living so high, living within your means can be tough. And it's only going to get harder for our kids. So it's more important than ever to make sure they are financially savvy from a young age.
Kids who develop great financial skills early on are more likely to be ready for the financial challenges of adulthood.
In the second episode, Ali Cassim talks about how parents can help kids understand where money comes from with real-life examples.
Episode 3: Opening a kid's savings account
Setting up a savings account for kids is a great way to teach them about the importance of saving.
Educational experts say that kids learn best about money between the ages of 8 and 12, so many of the children's accounts are designed for this age group and above.
However, the earlier you can talk to kids about saving and spending money responsibly the better prepared they will be to manage their own money.
In episode 3, Ali Cassim shares her top tips for getting started with a children's savings account.