Global Money Week

Teaching kids about money

Teaching kids about money is a great investment in their future. In a world where we use credit cards and online shopping to buy the things we need, and internet banking to move our money around, it can be hard for young people to see the relationship between earning, spending and saving.

Parents and teachers play a vital role in helping kids understand the value of money and how to manage it. Global Money Week (14-20 March 2016) is the perfect time to use ASIC's MoneySmart resources to help you talk to the kids in your life about money.

What is Global Money Week? 

Global Money Week is an international campaign that promotes awareness of money and the importance of financial literacy. Every year, in the second week of March, schools, organisations and communities around the world take action to give people the tools they need to shape their financial future.

The theme of this year's campaign is 'Take Part. Save Smart!' Visit the Global Money Week website for more information.

Video: Why teach kids about money?

Video teaching kids about money

People from around the world give us their perspectives on kids and money for Global Money Week.

Transcript: Why teach kids about money?

Teach your kids about money 

One way your kids learn how to deal with money is by watching you manage the family's finances. When they see you withdraw money from the ATM, pay the bills, or buy the groceries, do they understand where the money comes from and why you make choices about money the way you do?

There are opportunities to talk to your kids about money when situations arise in everyday family life, for example:

  • At the ATM - explain where the money comes from and how you've earned it. Help them understand it doesn't just come out of a hole in the wall.
  • At the supermarket - prepare a list, research prices and show them how you can save money if you shop around.
  • Doing the family budget together - involving your kids in budgeting can help them learn the difference between needs and wants, costs and spending. Our budget planner is a great tool you can use.
  • Earning their own money - pocket money or a part-time job can help young people learn responsibility and the importance of setting financial goals.
  • Mobile phones - discuss options for mobile phone plans and checking and managing data usage to control costs.

The earlier kids learn about how money works in the real world, the better they are likely to be at making their own financial decisions later in life.

Visit our teaching your kids about money page for more ideas on how you can help your kids to be good money managers.

Resources for teachers

Our MoneySmart Teaching program has a range of tools and resources for teachers to help young Australians become confident and informed consumers.

Here are some examples of some MoneySmart Teaching resources that teachers can use during Global Money Week:

  • Money and people - primary students learn the difference between needs and wants by comparing how young people in different countries manage their money.
  • Mobile credit - secondary students learn how to manage the cost of their mobile phone.
  • Online shopping and banking - highlights how students can protect themselves and their finances online. 
  • Social media - kids learn how to manage social networks within their credit and data limits.

Check out more resources for teachers on our using MoneySmart in the classroom webpage.

Teacher professional development 

We have a professional development program that includes online and face-to-face workshops to give teachers the skills and knowledge they need to teach young people about money.

More than 14,000 teachers have undertaken ASIC's MoneySmart Teaching professional development since 2012. To find out more visit our professional development webpage or contact one of our State and Territory project officers.

Financial Health for Teachers is a series of videos based on life events to help teachers feel more confident about their personal finances.

Video: Interviews with kids about money

Video kids and money

Hear what kids have to say about money when financial commentator Scott Pape visits a school. You may be surprised by what they do and don't know.

Become a MoneySmart school

ASIC's MoneySmart Schools program provides recognition and support for primary and secondary schools that make it a priority to teach students how to manage money.

Find out more about the MoneySmart Schools program, and how your school can become a MoneySmart School.

Get into the spirit of Global Money Week this year by helping the kids in your life develop better money habits.

Related links

Last updated: 20 Jan 2017