Teaching Kids to Manage Money
Parents want their kids to have a financially comfortable future, but it can be challenging to know how to set them on the right path, especially for those who are not confident with money themselves.
Experts suggest that KiwiSaver can be a useful tool for young people, even without the $1000 incentive to sign up.
Opening a KiwiSaver account and regularly contributing can help kids develop a lifelong savings habit - ANZ head of investments Fiona Mackenzie.
KiwiSaver can help them save for a first home and for their life after 65. The earlier they contribute, the more their savings will benefit from decades of compounding growth in the markets.
Parents should also consider other options, such as savings accounts and investment funds outside KiwiSaver.
Author's summary: Teach kids money management for a secure future.
- Consider KiwiSaver as a tool for young people.
- Look into savings accounts and investment funds outside KiwiSaver.
- Encourage kids to develop a lifelong savings habit.