Where's My Money Season 3, Episode 4
Mastering Money Young: I Chat with Teenagers Securing Their Future
Season Three of the multi-award-winning podcast Where’s My Money? is done and dusted, and here we bring you the hot tips shared by host Reagan White and his guests over the season.
enable.me partners with rova to bring this podcast to life and stimulate the conversation about finances with everyday Kiwis. Where’s My Money? follows the story of Reagan – a man chasing the Kiwi Dream but feeling stuck living month-to-month – and his discussions with the experts about what he may be doing wrong and how to fix it.
One man. One million dollars of debt. One podcast to find a way out.
At enable.me, we often say that you don’t need to earn a high income to get started on your financial wellbeing journey.
Season 3, Episode 4 of Where’s My Money? encapsulates this idea, with Reagan talking to teenagers Molly and Hamish about how they’re beginning their financial journeys at a young age – before even finishing high school.
Don’t be afraid to get started
With two part-time jobs, high-school student Molly is looking to attend university and study psychology, while already thinking how this may impact her financial plans and her goal to own a home in her early 20s.
She discusses how being selective about who she spends time with supports her to focus on her finances and not encourage buying all the ‘things’ that come with teen life (makeup, skincare, clothes, going out with friends).
Having “a friend group who is also responsible and understands that money does go, and you can’t really get it back,” makes it easier for her to save money, she says.
Hamish, a young entrepreneur, talks about his online business selling digital assets. He’s sold hundreds of his cookbooks on Amazon, employed people and, as Reagan says, already has a “digital marketing funnel.”
Hamish is also on the property ladder through a shared property investment with his parents, and has his sights set on owning his own home by 18.
Both Molly and Hamish think that financial literacy should be taught at school. Hamish shares his belief that education and schools’ focus hasn’t kept up with the changing world – for example, it’s lagging behind on teaching and learning about AI advancements.
Outside of school, one of the most important environments where young people learn about money is at home. Molly and Hamish both explain how their initial interest in money and finances has come from the adults in their lives.
“Mum and Dad were definitely my first inspiration with Mum and Dad both doing property and teaching me about money,” Hamish shares.
“I was always there in the background listening to what they were saying about it.”
Molly discussed how comparing the ways her parents both interacted with money was what prompted her desire to be good with her own.
“I kinda watched my Dad spend his money very poorly and kind of took from that I don’t really want to be like that,” she says.
“A couple of years ago when my parents actually split up my Mum became really good at spending her money, which was a motivator.”
Though both Molly and Hamish are interested in their finances and are prudent with how they spend their money, they didn’t start out that way. It was a journey of learning what is and isn’t worth spending cash on.
Kids can learn about money too
Jamie Jermain, Co-Founder of SquareOne, joins Reagan to share his solution for teaching children about money.
He agrees with Molly and Hamish that our education system could do more to set up children for future financial success, but that it’s important for parents to get involved in a whole-family approach.
“What kids are learning about money at the moment in schools is non-existent,” he says.
“What they potentially learn is really coming from their parents and their families. Even in families with high financial capability, those lessons don’t filter down, money is a taboo subject still.”
With the declining use of cash – and most people now using cards and digital currency – Jamie and his Co-Founder have created a new tactile way for kids to learn about the real value of money. The SquareOne debit card.
Up to five kids can use it per family – with the parents having full oversight – and it’s a new way to encourage early money habits such as spending or saving pocket money. There are safeguards in place, such as the inability to use the card for restricted items such as liquor, limits on spending, and allowing parents to see every transaction.
“You can think of it really as an on-ramp into the world of money for your kids,” Jamie says.
“We wanted to give something to both parents and kids which taught them the basics – how to save, how to earn, how to spend money responsibly.”
Listen to the full episode for more insights from these financially responsible teenagers, and how you can prepare your own children to build better money habits.
Disclaimer: The Where’s My Money? podcast and the information shared by host Reagan White and his guests does not constitute individual financial advice. If you’re interested in receiving financial advice, you can book a consultation with an enable.me coach. Costs apply.
Watch and listen to the full podcast episode below:
Disclaimer: The Where’s My Money? podcast and the information shared by host Reagan White and his guests does not constitute individual financial advice. If you’re interested in receiving financial advice, you can book a consultation with an enable.me coach. Costs apply.