Talking to kids about money can feel daunting. What if you say the wrong thing? What if they pick up your bad habits? In this episode of The Happy Families Podcast, Dr Justin Coulson is joined by financial literacy expert Nicole Pedersen-McKinnon to unpack practical, age-appropriate ways to help kids develop healthy money habits. From pocket money tips and goal-setting to avoiding the “tap trap” and understanding the power of time and compound interest, this episode will help you raise kids who feel confident and capable with their finances — and maybe teach you a thing or two along the way.

KEY POINTS:

• Why parents’ attitudes and modelling matter more than a single “money talk”
• The importance of teaching kids to delay gratification and set goals
• Why kids’ biggest financial advantage is time — and how to help them use it
• Fun, kid-friendly ways to teach saving and earning (including apps and games)
• The psychological danger of passing on “economic anxiety” to kids
• How to make invisible digital money more tangible for children

QUOTE OF THE EPISODE:
"The most powerful financial lesson kids can learn is watching you model mindful, deliberate spending — and hearing you talk about why." — Nicole Pedersen-McKinnon

RESOURCES MENTIONED:

• Kit Pocket Money App & Guide — a pocket money app and free downloadable guide for kids
• Moneysmart.gov.au — trusted financial literacy resources for adults and kids
• Spriggy — another popular pocket money app
• Nicole Pedersen-McKinnon’s book How to Get Mortgage-Free Like Me
• ASIC and Financial Literacy Board initiatives

ACTION STEPS FOR PARENTS:
1. Start talking about money with your kids early — keep it open and judgement-free.
2. Use cash with younger kids so they can “see” money and understand it’s finite.
3. Help your kids set savings goals and offer stretch incentives to build motivation.
4. Model good money habits: avoid impulse buys, talk about budgeting, and explain your choices.
5. Teach them about time as an asset: the earlier they save and invest, the more powerful the results.
6. Consider using a pocket money app to track chores, savings, and spending in a fun, visual way.

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