Great article Taraz. You have me really thinking about creating a Hive account for my eight year old nephew.
Here in the U.S. financial literacy is even worse than in Australia. Most Americans have way less than $1,000 in savings and little, if anything, invested. Americans in white collar jobs have a 401k, if they're lucky but most of these are loaded with fees and have barriers to using the money before a certain age. It's a precarious situation, a house of cards waiting to fall.
I think first teaching children the value of money and then teaching them how to make that money work for them is the greatest gift they can receive.
I think it is the same in Australia nd getting worse. The averages ae increasing, but those in the bottom bands are too. If I remember, it is something like 23% with under 1000 in savings in Australia, even though the average savings has gone up astronomically over the covid period.
Eventually, there is always a slip up. Like secrets, they always come out in the end.
Too many look to give kids money, not teach them how to make it for themselves. It is like the most basic life lessons are getting forgotten.