Queensland parents urged to put money conversations on the table

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As the school gates reopen for thousands of Queensland kids this week, new RACQ Bank research has prompted calls for parents to add financial literacy to the back-to-school check list.

According to the Queensland-wide survey, despite more than 80% (81.3%) of parents agreeing it is ‘very important’ to teach kids about money, one in five (18.7%) were waiting until their children were over the age of 12.

The research also revealed less than half (44.6%) of parents discussed finances and budgets as a family and only a third (31%) explained how to create and follow a budget.

RACQ Bank Head of Bank Products Danica Allan said early conversations about money could make a big difference to a child’s financial literacy later in life.

“It’s fantastic that so many parents see the value in teaching kids about money, but it’s important to start these conversations from a young age,” Ms Allan said.

“From as early as primary school, it’s beneficial to talk about the value of money, how much basic household items cost, as well as the difference between needs and wants.

“Pleasingly, we found 68% of parents encourage their children to save through a piggy bank or bank account, and 56% offer financial reward for chores.”

RACQ Bank research also revealed nearly 88% of parents surveyed believed their own money habits impacted those of their children.

Ms Allan reminded parents of the impact negative habits, such as impulsive spending, could have on children.

“Kids can be like sponges and mirror what we say and do. So while it’s great to teach them about saving money, it’s equally important to ensure we are modelling the same behaviours,” she said.

“Saying no to spontaneous purchases at the check-out, openly talking about budgets and household expenses are just a few practical ways to reinforce good spending habits.

“Even putting a portion of your child’s pocket money into a piggy bank or bank account for when they’re older can help them practice saving towards a goal."

Find out how RACQ Bank can help you and your family reach your saving goals here

*Survey findings from RACQ Quarterly Consumer Omnibus, FY25 Q3, n=139.

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