In a recent survey we posed the question “Do you worry about what the financial future holds for you or your kids?” We invited a sample of our client base to complete the survey to see what messages they would like to convey to young ones – based on their own experience and how they think we should best try to educate our young adults about taking responsibility for their financial future.

We asked a number of questions and below is an overview of just some of the answers – in order of popularity. As a starting point, perhaps leave this page open for the kids to read…

The top answers were:

Q: If you had your time again, what would you have done differently?

1. Saved sooner

2. Used credit more wisely

3. Invested first, then bought our home later

Close runner up:

4. Bought a cheaper car first so I could afford the deposit for a house

Q: How would you try to get the message through to your ‘young ones’?

1. Sit them down for a chat with me

2. Sit them down for a chat with us (your finance specialist)

3. Take them to a seminar or information evening

Most interesting stat: A number of respondents suggested referring them to relevant websites – this won as a source of information over social media!

Q: How worried are you about your kids growing up to be financially fit?

This was pretty even:

• extremely worried: 37%

• not so much: 40%

• they’ll be ok: 23%

Interesting observation: 63% of us are not too worried. Should we be?

Q: How should we start working with them on their financial goals and dreams?

1. Let them come to you in their own time: 35%

2. Have a chat together in your office/at our home: 28%

3. Encourage them to enter your competition so they’ll go on your mailing list. Now that’s subtle!: 26%

4. Subscribe them to your regular finance updates: 11%

Here are just some of the interesting commentsfrom our clients. Food for thought?

“I think it is important for children to start banking at an early age. School banking is a great idea. We need some government incentives though, where the parents don’t cop the tax on the interest on their behalf. The government needs to encourage kids to save – after all they expect them and us to live off our super.”

“Kids tend to listen and take advice from people other than parents. I would like to bring my kids down to your office that is set up to be professional. This would have to be done on a Saturday/Sunday as both kids work out of town.”

“I wish I had listened to my parents when they were trying to get me to invest when I was in year 12.$70k would have bought me my first unit. Instead I went to Europe! I don’t regret going to Europe, but gee that unit would have been a great stepping-stone to financial responsibility and freedom. I waited till I was in my 30s to buy my first home. That was $450k. I really wish I had listened and was more educated at the time. What scared me so much was being in so much debt. But no matter how long you wait you cannot avoid it. I sure don’t want my kids to make the same mistake. Europe can wait!!!”

“I think encouraging a comfortable life rather than a ‘get wealthy approach’ with a few investments is a good way to encourage youths into sound financial management. In this day and age jobs without sufficient education are a lottery and it’s hard to get kids to listen and work hard at their future when all they want to do is party.”

“I believe that the worst approach is to let kids believe that home ownership is not possible. My approach has always been the opposite. It has paid off.”

“Congratulations on this initiative. Well done for being proactive.”

Thank you to everyone for their comments.
Unfortunately we could not provide all of them, but these are a good sample.

Please feel free to suggest your ideas for our quarterly question. Simply contact the office.

*Disclaimer: This article is generic in nature. All investment decisions should be considered wisely and based on your personal and financial circumstances. Seek proper advice before committing to any course of investment action. This is not deemed as advice.