How (and what) we teach kids about money can make a big difference in setting them up for financial decision making later in life.
In this episode, guest Lacey Filipich discusses the importance of teaching kids about money and the inspiration behind her Maker Kids Club program, the importance of teaching kids about saving and the benefits of experiential learning. Lacey provides tips for adults on how to help kids build good money decision-making skills, including talking about money, allowing them to make mistakes, and providing tangible experiences with money.
How (and what) we teach kids about money can make a big difference in setting them up for financial decision making later in life.
In this episode, guest Lacey Filipich discusses the importance of teaching kids about money and the inspiration behind her Maker Kids Club program, the importance of teaching kids about saving and the benefits of experiential learning. Lacey provides tips for adults on how to help kids build good money decision-making skills, including talking about money, allowing them to make mistakes, and providing tangible experiences with money.
About Lacey:
Lacey Filipich helps people become financially independent and reclaim their lives. Thousands around the world have used her Money School courses to liberate themselves from debt, start saving and raise financially capable kids.
Money School is also the title of her international award-winning book, out now with Penguin Life.
Lacey graduated as valedictorian from the University of Queensland with an Honours degree in Chemical Engineering (if you want to find out how a chemical engineer ends up teaching people about money, check out her TEDx talk.) She is the winner of a 2019 Business News '40 under 40’ Award and a LinkedIn Top Voice in Finance.
Takeaways
- Experiential learning, such as starting a business, can teach kids valuable lessons about money.
- Teaching kids about saving at a young age can set them up for financial success in the future.
- Allowing kids to make mistakes and learn from them is an important part of their financial education.
- Tangible experiences with money, such as using cash or tracking balances, can help kids understand the value of money.
- Parents, educators, workplaces, and institutions all have a role to play in challenging and managing gender biases.
- Financial education should be reinforced at home and supported by schools to create lasting impact.
- Repetition and practice are essential in teaching financial literacy and changing behaviours.
- Systemic changes, such as regulation and addressing systemic biases, are necessary to create a more equitable society.
Sound Bites
"If I can teach them to save, the rest can come later"
"It's got to be done everywhere."
"Closing the gender pay gap is not simply about the money, but about addressing underlying gender stereotypes."
"We have to have systems in place to avoid biases and take responsibility when we find them."
Keywords
money education, financial literacy, teaching kids about money, entrepreneurship, saving, experiential learning, money decision-making skills, gender pay gap, biases, stereotypes, financial inequality, education, workplaces, families
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