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How to give your child a good savings education with ZAAP

Life experience, teachers or parents – what really makes a difference when children are learning about managing money?

The COVID-19 global pandemic has and will continue to have a significant financial effect on Australian families. While it may not seem as such, having family discussions with your children about finances during these times, can be productive and bring your family closer.

Families are key to money skills

How important is it to talk to my child about money?

Families are key to learning financial literacy, according to a 2018 survey of young people in 15 countries including Australia^. Teenagers surveyed on their financial literacy showed that those who understood the value of saving were those who discussed money matters with their parents.

Having a bank account improved their financial knowledge as well.

Australian students are not amongst the world’s best in financial literacy. A global survey of young people in 15 countries including Australia reveals the gap.^

“We Got This”

There’s no three words more encouraging to a child. Especially when they hear them from an adult with authority.

The other week, we visited our GP as a family to get flu shots. My son who is particularly anxious about Coronavirus, took the opportunity to talk to our GP about his concerns and ask some questions that were particularly troubling him. Our GP gave practical answers, and gave him encouragement that he was doing a great job in washing his hands. He ended the conversation on a positive note saying, “Don’t worry, we’ll beat this. We got this”

As parents, we can relay the same message. Keep your kids assured that as a family, you will weather the storm.

Have Family Meetings

Kids like to feel involved. They need their opinions heard. If changes are happening to the family with jobs, home schooling or family budget, summon a meeting and encourage open discussion.

You might be pleasantly surprised with the ideas or solutions your children come up with. They will also appreciate the honesty.

Necessary Spending and Budget Cuts:

Why should you explain budgeting and spending to a child?

In your family meetings, you may want to explain that for now, family spending and expenses may look a little different.

Explain to them why changes in spending need to happen. Perhaps show them a list of what is considered necessary items for the family budget.

With most shopping done online these days, walking your children through the purchases and explaining what to look out for is a great lesson in budgeting and the importance of mindful spending.

Talk to them about:

  • Pricing, discounts, special offers, comparisons. Your regular shopping can provide a multitude of useful concepts to talk about money!
  • Quantities of food items. Ask them how many loaves of bread or bottles of milk they think the family need for the week.
  • Explain additional expenses. Even though the groceries add to a certain total sum, there may be other costs to consider like GST and home delivery.

When children start to see how important it is to spend wisely, they will also begin to adapt their own creative ideas on how to spend their pocket money and savings a little more wisely.

Pocket money made easy with the ZAAP app

As well as the old-school notes and coins, there is now a leading-edge digital tool for kids and parents. ZAAP brings pocket money into the digital age. Children now have an opportunity to learn financial responsibility under the supervision of their parents.

Kids will feel independent and learn financial responsibility while parents stay in control of their spending and have the security knowing ZAAP is more secure than cash.

Design your own card with ZAAP

With ZAAP, your child can personalise the design of their card with their favourite photo, and it comes with the authentication of global financial services brand Mastercard. Or choose a wearable ZAAP wristband for easy access and security.

Families can be confident that their children are learning financial skills at a young age with ZAAP as an additional learning device.

From challenges comes opportunity

Undoubtedly, we’re facing unprecedented times. With families forced to work from home and our children’s education turning to home schooling, the additional family time at home can be challenging at the best of times.

The silver lining is we are now much more involved in our children’s education – academically and in personal development. This is an opportunity for parents to help children build strong money management skills. We can teach them to be financially savvy despite the turbulent economic climate.


^The Programme for International Student Assessment (PISA) is a triennial survey in 15 OECD countries and economies. It assesses the readiness of 15-year-old students for life beyond compulsory education through test and questionnaire data about students’ knowledge, skills and the context in which they live and learn. Findings showed students' financial literacy was associated mainly with understanding the value of saving and discussing money matters with parents as well as exposure to and the use of financial products. Find out more at http://www.oecd.org/pisa/PISA-2105-Financial-Literacy-Australia.pdf