Talking about money with kids can feel awkward, but it matters more than most parents realise. In this episode, Dr Justin Coulson is joined by Yish Koh, Managing Director of Kit – a pocket money app by the Commonwealth Bank. Together, they unpack how to teach kids under 10 the foundations of money management. From delayed gratification to understanding digital money, this is a must-listen for any parent wanting their kids to grow up financially savvy.

KEY POINTS:

• Kids learn most about money from parents, not schools.
• Conversations, role modelling, and real-life experiences build financial literacy.
• Key lessons for kids under 10: saving, understanding interest, delaying gratification, and learning how earning works.
• Use cash with younger kids to make money tangible, but transition to digital tools as they grow.
• Pocket money works best when it’s regular, not random. Automation can help teach saving and spending habits without the parent constantly managing it.
• The average pocket money for 8–10-year-olds is $7.30 per week, but the amount matters less than the learning opportunity it provides.
• Use money conversations to teach kids about choices, consequences, and even charity.

QUOTE OF THE EPISODE: “Being good at money isn’t about having lots of money. It’s about using money as a tool to live the life you want.”

RESOURCES MENTIONED:

• Hey Kit – a pocket money app and card for kids (by Commonwealth Bank)
• Moneysmart.gov.au—Australian Government financial literacy tools for families

ACTION STEPS FOR PARENTS:

1. Start talking about money early—age 5 and up.
2. Model good money behaviours—saving, budgeting, and mindful spending.
3. Use pocket money (even small amounts) to teach saving, spending, and giving.
4. Make money visible: show account balances before and after spending to teach the concept in a digital world.
5. Link money to goals—whether it's saving for a toy, a holiday, or something bigger.
6. Don’t shut down questions about money—turn them into meaningful conversations.

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