Talking to your adult kids about money
Teaching your kids about money and navigating the tricky role of the bank of mum and dad, with financial educator Kate Campbell.
How do you talk to your adult or nearly adult kids about money? Today, we’re diving into their financial literacy and what you can (and what you shouldn’t) do to help. It’s all about tackling those tricky, hairy topics that come up as your kids start gaining financial independence, flying the nest, and even building their own—right at the time when you’re focusing on planning for your Prime Time and retirement.
In this episode, we’ll explore practical strategies for teaching your kids about money, helping them become financially independent, and empowering you to stay on track with your own financial freedom and retirement goals. And we’ll talk about the bank of mum and dad too.
Joining me is Kate Campbell, a finance educator and host of The Australian Finance Podcast, one of the most popular podcasts for the 25-45 generation. Kate brings invaluable insights to help us navigate these challenges with confidence and clarity.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
Highlights of the show:
Starting the conversation: How to open up money discussions with the younger people in your life and create a positive dialogue around finances.
The power of delayed gratification: Talking to your kids about patience, saving, and the long-term rewards of waiting.
Understanding their goals: Why it’s important to be curious about your kids’ aspirations and interests to help guide their financial decisions.
Teaching compounding and investing: Simple ways to explain these key concepts and introduce the variety of investment products available.
The real value of money: How to teach kids about the true cost of things and strategies for making these lessons stick.
Encouraging savings: What to do when your kids are spending hundreds each week on socialising and not saving enough.
Becoming financially independent: Understanding the journey your kids take toward managing their own finances.
We tackle some big questions too: Is owning a home still a priority for young people in Australia? How is social media influencing financial decisions, and how can we help kids cut through the noise? Why do kids feel paralysed by financial choices, and what can parents do to support them?
The bank of mum and dad and lending with love: How to navigate financial support while keeping relationships positive.
Gifting and fairness: Managing family dynamics and thinking holistically about fairness.
To charge rent or not?: Kate shares her thoughts on whether kids should pay rent while living at home.
This episode is packed with insights, strategies, and thoughtful discussions to help Prime Timers guide their kids toward financial confidence while maintaining balance and fairness in the family.
From Bec’s Desk
Our Prime Time podcast is one year old! It feels like a moment worth celebrating. Many thanks to YOU our wonderful listeners - who have downloaded more than 325,000+ episodes in the last year and to everyone who’s been telling their friends about the show. And a huge thanks to our sponsors over the last year HESTA, Aware Super, and The Tasmanian Walking Company. You make all this possible.
We’re starting to pop up on Apple’s top charts - but we really do need your help to spread the word amongst your friends. That’s the best way for a show like this to grow in my opinion.
2025 is gearing up to be a big year for Prime Time - as the book by the same name comes to life alongside the podcast.
I’d love to know what you’d like to hear more about on the show. Here’s a little poll - let’s gather some insights. And if you’re keen to share some ideas - please email me. bec@primetimers.net is my email!
Last week I headed down to the Association of Superannuation Funds of Australia (ASFA) Conference where the government made some interesting committments to the retirement phase of superannuation. I wrote a big article on it in the weekend’s newspapers. Read it here: “Finally there’s some good news about super and retirement”.
I have a big request - we want to do an edition of the Prime Time podcast about your Epic Retirements - and how you’ve made changes in your life. I’d love you to send me a letter we can read out - or some questions we can answer. 🏝️ Tell us your stories 🏝️. We’re going to feature these stories in the podcast. email me at bec@primetimers.net. I can’t wait to read it!
Catch you next week, and in the meantime, make your Prime Time count!
Many thanks! Bec Wilson
Author, podcaster, guest speaker, retirement educator … Visit my website for more info about me, here
Order signed copies of How to Have an Epic Retirement for gifting season
You can now purchase a signed copy of How to Have an Epic Retirement. I’ve popped up an Australian online store where you can order your copy and get it in time for Christmas gift giving. It’s something I love to do.
If you’re a corporate and want to give signed copies as gifts - we’ve got a ‘bulk deal’ too. (Or don’t hesitate to contact me by email for larger bulk options). But time is getting tight.
Our next course is launching soon: Register your interest here
Our next edition of The Epic Retirement Flagship Course is in the works and will kick off in February 2025. I’ll be putting it on sale before Christmas for those who want to lock in their spot early at our 25% off earlybird rate. There will be only four scheduled programs in 2025, so don’t miss out!
You can register your interest here to get notified as soon as the 25% early bird pricing goes live. Dates for the Feb-March ‘25 and April-June ‘25 programs are now available.
We’re also working with larger corporates to offer the program in two ways:
By sponsoring individual places for team members to attend.
Or, for larger teams, running exclusive programs tailored to their employees.
If you’re part of a big organisation with lots of pre-retirees, give your HR team a nudge and let them know to get in touch with me. I’d love to help!