How the F(inance) does one talk money with ones kids? A 2024 Her Money Mindset survey suggests as many as 20% of parents dont talk money with their children. A T Rowe Price study found that 41% of parents feel anxious to discuss finances with their kids. Honest money conversations are critical to instil foundational financial literacy. More than that, they can bring families closer together and normalise money talk early on. The bottom line? its time to talk about Project F finances.
Speaking about finances makes money less intimidating and familiarises kids with the foundational concepts from the get-go. This is exactly what Sanlams Project F campaign aims to achieve. We want to get people to speak about money more. This is directly linked to improved mental health, better financial decision-making and improved outcomes.
Parents often wait until their kids are older to start speaking about money. However, Cambridge University behavioural researchers revealed that children start learning about money from as early as 3, with most of their attitudes about money formed by 7. Its hugely advantageous to weave age-appropriate money talk into your everyday parenting early on. Sharing with kids also makes them feel respected and included. It allows you to model and vocalise the behaviours that could set the course for their mental money scripts and formative money memories.
Five critical money conversations to consider having with your children:
1. The value of money and how its earned
