Dr Justin Coulson's Happy Families

Hey Kit #3 - Raising Money-Smart Kids: The Secrets Schools Don’t Teach

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Episode notes

Talking about money with kids can feel intimidating — but it doesn’t have to be. In episode #1301, Dr Justin Coulson is joined by long-time financial literacy campaigner Nicole Pedersen-McKinnon to unpack practical, simple ways parents can raise kids who are confident and smart with money. From avoiding the ‘tap trap’ to setting stretch goals, you’ll learn how your own money mindset shapes theirs — and the small, powerful lessons that stick for life.

KEY POINTS:

  • Why attitude about money matters more than aptitude — and how parents can model healthy habits.

  • The danger of passing on economic anxiety to kids.

  • How to teach kids to delay gratification and set meaningful goals.

  • Creative ways to incentivise saving, including ‘stretch goals’ with bonuses.

  • Why teaching kids about time and compound interest is a game-changer.

  • Cash vs. digital money: helping kids grasp the value of invisible dollars.

  • The best tools and apps to make financial education engaging and real for kids.

QUOTE OF THE EPISODE:

"The biggest financial lesson you can give your kids is letting them see you walk the talk — showing them you’ve earned it, allocated it, and spent it wisely for maximum enjoyment." — Nicole Pedersen-McKinnon

RESOURCES MENTIONED:

ACTION STEPS FOR PARENTS:

1. Start the conversation: Make money a regular topic at home — no shame, no secrecy.
2. Model what you want to see: Explain your own decisions, from saving to spending.
3. Teach delayed gratification: Use food or small purchases to illustrate.
4. Set savings goals with your kids — and add stretch goals with incentives.
5. Open a savings account or use a money app to help kids track and celebrate progress.
6. Don’t forget about cash: Occasionally let them pay in notes or coins to connect the dots.

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