The financial facts of life

Monday 9 August 2004

We'd all love our children to grow up financially savvy, but too many Kiwi kids progress straight from piggy bank to plastic cards without passing go.

By The Landlord

The average graduate starts working life with $20,000 debt and many simply don't understand that if they buy a car or stereo on tick that they'll have to repay the debt, says Enterprise New Zealand Trust marketing director Stephanie McGreevy.

It's never too young to start a financial education. Even toddlers relish the chance to hand over cash at the shop, and beam from ear to ear if you let them press the buttons at the ATM.

By primary school, children can learn to work towards their own financial goals. Teenagers can tackle budgeting and compound interest - subjects that leave many adults floundering.

You should harness your children's interest and teach the financial facts of life needed to navigate adulthood before your youngsters are pelted with credit cards, loan offers and "interest-free" hire-purchase deals.

How to do that:

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