The 2018 Financial Planning Week, run by the Financial Planning Association of Australia, focused on the next wave of ‘dreamers’, sharing money wisdom and practical tips with the people raising the next generation, so they can pass on the financial habits and skills that children will need later on in life.
The research includes the views of over 1,000 parents of Gen Z and Gen Alpha (aged 4 to 18 years) on raising the Invisible-Money Generation, uncovering gaps in money knowledge and expectations between generations. Did you know that 66% of parents believe digital money is making hard for children to grasp the value of money? Or that 62% of parents believe their children’s generation will be financially worse off than their own.
Interestingly, those who have sought the advice of a financial planner are the most likely to believe their kids are equip to transact in today’s digital money world.
These are just some of the insights revealed in the report.
Disclaimer: The information contained in this document is provided for educational purposes only, is general in nature and is prepared without taking into account particular objective, financial circumstances, legal and tax issues and needs. The information provided in this article is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to your individual circumstances. While SMSF Association believes that the information provided in this article is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001.