How to empower them to make informed decisions about their personal finances as they grow.
It’s not a well-known annual event in Australia, but October 31 was World Savings Day. Established almost a century ago in Europe, the main purpose is to encourage people to improve their financial literacy and put money aside for their future.Rather than allow your kids to view you as their personal ATM, giving them some starting investment money can be highly beneficial as a shortcut to meaningful conversations about money management.
Parents with Gen Alpha children – and even children at the younger end of the previous Gen Z generation, born between 1997 and 2012 – should be taking a leaf out of the World Savings Day book, how to budget, and about the power of long-term compounding returns – all skills and knowledge that will serve them well as they grow into adulthood.
By the 2062-63 financial year, based on the Treasury’s estimates in the report, average life expectancies will be higher than now. Life expectancies at birth are expected to rise from 81.3 years for men and 85.2 years for women now to 87 for men and 89.5 for women.The people who Treasury is mostly talking about here are those in the Millennials generation, born between 1981 and 1996. The youngest of this cohort will have turned or be turning 27 this year; the oldest are 41 or 42.
So, why is all this relevant? In simple terms, the people referred to as “the younger generation” not that long ago are progressively getting older and moving ever closer to retirement age.
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