According to research by TAL insurance provider the cost of personal insurance soars after the age of 35. This is also the time in our lives that you may be going through significant change such as marriage, children, a bigger mortgage and more responsibilities.
Today’s kids have a different concept of money to previous generations. Instead of using coins and bank notes, this generation has grown up watching people buy things by tapping and swiping or clicking buttons online. They live in a world where in-app purchases, electronic bank transfers and digital currencies like bitcoin are as common as piggy banks were back in the day.
It can be challenging to help children understand the concepts of spending and saving when they watch adults ‘tap’ and ‘swipe’ instead of handing over physical money. Recent research from the Financial Planning Association (FPA)1 reveals that 68% of Australians are reluctant to talk about money to the kids in their life, or they don’t know where to start. But the report also revealed that the children who participate in conversations about money are more curious, confident and financially literate than their parents were at their age.