It’s Global Money Week, the annual global awareness campaign on the importance of our young people learning about money early. It’s a great chance to talk to your whānau about money.
We see great things happen when we talk to our rangatahi about money. Here are some ideas for activities to do with the young people in your life.
Ages 5 to 8 – jars for pocket money
Set the kids up with three or four jars for pocket money – one for fun, one for saving, one for giving and, if you can, one for growing. The first three are pretty easy, but the fourth one might need some brainstorming – it’s for entrepreneurial ideas like a lemonade stand or getting ready to start KiwiSaver early.
This way kids can feel what it’s like to be in control of how they are using money. Sure, they can have fun and buy themselves a treat, all the while working towards bigger goals, too.
Ages 8 to 12 – start the conversation
We’ve heard from whānau who have brought their kids along to a money seminar to get everyone on board with the family’s goals.
Now, instead of asking for extras, the kids are encouraging mum to save, and offering to go without treats with the understanding that the family adventure will be worth the wait.
You can also start at home – here are some tips on how to start a conversation about money with your kids.
Ages 13 to 17 – be in to win with Money Jam 2021
Our very own Sorted in Schools Money Jam competition is a great way for your teenagers to see the value of planning with money.
To mark Global Money Week, we’re encouraging students to create a plan and budget for a fundraising event – like a market day or talent show – and submit their idea for the chance to win for their school.
There are two major prizes of $2500 (to bring the two winning experiences to life). Plus, to celebrate Sorted in School’s proud sponsorship of TVNZ 2’s Brain Busters, show hosts Chris Kirk and Mikey Falesiu will attend the winning fundraising events as special guests.
Head to the Money Jam page on our Sorted in Schools website for more details.
All ages: family money quiz!
To get the conversation started, we’ve got a money quiz for you to have some fun with the whole family. These are some of the financial capability questions asked in TVNZ 2’s Brain Busters.
1. What is a four-letter word beginning with 'L' that describes money that you borrow and need to pay back?
2. What does GST stand for?
- Goods and services tax
- Great stand tax
- Groovy services tax
- Goods and situation tax
3. What is the GST rate in New Zealand?
4. What is the extra money you pay when repaying a loan?
- Interest
- Groceries
- Bitcoin
- GST
5. Is the NZX where you find jobs or buy shares?
6. If you have money in a term deposit with the bank for a year and a half, how many months is that?
7. How much do you save on a $100 item if it is 25% off?
8. Beginning with 'B', which underwear brand shares its name with a kind of investment?
9. When you work, is the total amount you earn called gross pay or yucky pay?
10. Is the original amount of a loan called the principal or headmaster?
11. What kind of fund would you save for unexpected expenses?
- Emergency fund
- Unlucky dip
- KiwiSaver
- Holiday fund
12. What is the minimum contribution your employer has to make to your KiwiSaver?
13. If you don’t take anything out of your $100 savings account for a year and you earn 4% interest, how much would you have at the end of the year?
14. What happens to the cost of something when inflation occurs?
- It goes up
- It goes down
- It stays the same
- All of the above
15. When interest earns interest of its own, is it called compound interest or concentrated interest?
16. What age can you receive NZ Super?
17. Is the regular amount you pay an insurance company called a premium or a second rate?
18. When you buy something but pay later, are you spending with cash or credit?
Answers: 1. Loan. 2. Goods and services tax. 3. 15%. 4. Interest. 5. Buy shares. 6. 18 months. 7. $25. 8. Bonds. 9. Gross pay. 10. Principal. 11. Emergency fund. 12. 3%. 13. $104. 14. The cost goes up. 15. Compound interest. 16. 65. 17. Premium. 18. Credit.
How did you do?
For more tips and tricks for talking about money with the kids, take a look at our blog posts on kids and money.
About Sorted in Schools
Sorted in Schools, Te whai hua – kia ora is a free financial capability programme equipping young people with essential knowledge, skills and confidence to help them make good money decisions for their future.
Our research shows 82% of school leavers wished they had learned more about money at school. Sorted in Schools responded by becoming the only financial capability programme aligned to the New Zealand Curriculum and Māori Medium Education, also enabling students to gain credits towards their NCEA qualifications.
Want Sorted in Schools at your school? Ask your teacher to sign up.
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