LAFM Fairsy's Big Breakfast
Growing up, a lot of us were rewarded with pocket money in return for completing our household chores – but should we be doing the same with our kids? Financial Educator Robert Bihar claims that chores are a part of growing up, and our children shouldn’t be rewarded for carrying out their responsibilities. Robert spoke with Fairsy about the important lessons for our kids surrounding pocket money.
6PR Drive Program with Oliver Peterson
Pocket money shouldn’t be in return for chores. Chores teach our kids responsibility and should come without expectation of payment, responsibility is a life skill that we should be teaching our kids as a part of growing up. The most important lesson when it comes to pocket money is to teach your kids what to do with it.
What parents can teach their kids about budgeting from the Federal Budget
The 2017-18 Federal Budget has been delivered with the government saying they will be over-spending to the tune of $27 billion dollars over the next 12 months. How are they going to pay for this over spending? Unlike the family budget, the government can increase the cash they receive by increasing taxes. How do you explain budgeting to your kids?
As parents we love our kids, which is why when our children run into financial trouble, parents dig into their own pockets to bail their children out. Yet by doing so parents are actually supporting their children’s bad money habits.
2UE Talking Lifestyle - Smart Money
The 8 year olds with mobile phones… and debt
Research shows that 35% of kids aged 8-11 have their own mobile phone. We are all aware of the negative impact screen time can have on your kids but are you also aware that you are potentially exposing your kids to debt? Finance Expert, Author and Speaker, Robert Bihar, joined Nick Bennett on the show to answer this question.
Robert discusses with Verity and Laura why the bank of Mum and Dad needs to forclose.
2UE with Mike Jeffreys
Recently it has been reported that 1 in 4 children go to their parents for financial assistance. Parents should not be viewed as a plan for getting out of debt or as a line of credit that can be used in advance. This financial "assistance" has the potential to have the opposite effect, as it can become a cycle of assistance that is hard to break, especially if the children have not been taught how to manage money.
3AW Australia Overnight with Alan Pearsall
Would you choose your child over $17 million?
Chicago White Sox baseballer Adam LaRoche chose family over $17 million this week. When asked by the team President to not bring his 14 year old son to training or games anymore, LaRoche retired despite having $17 million left on his contract, prioritising time with his son and daughter over cash. As parents we face a similar decision - is it better to spend our time working long hours to provide our kids with a financial head start or should we invest our time in them and become their ultimate role model?
6PR Perth Tonight with Chris Ilsley
Chris Ilsley talks to finance analyst Robert Bihar who says that pocket money should not be in return for chores. Well most of us over the years had to do chores and we received pocket money for doing it - no chores, no pocket money. But it goes a little bit deeper than that according to Robert.
6iX with Maddie and Goss
Pocket money shouldn’t be in return for chores
The stats say that 82% of kids are earning pocket money and they are expected to complete tasks around the home to earn it, for example wash the dishes, wash the floors. These tasks teach our kids responsibility and should come without expectation of payment. The most important lesson when it comes to pocket money is to teach your kids what to do with it.
6PR radio interview (with Peter Bell)
Teaching your kids about money – one habit at a time
“I’m scared that my kids will make the same money mistakes I did”. This is one of the most common concerns Financial Expert Robert Bihar comes across. It is a valid concern as our habits (including what we say and do with money) are picked up by our kids as they look up to parents as their natural role model. The first step for parents is to realise that they are teaching their kids by their example every day. What money habits should we be teaching our kids? What are the common money mistakes that parents make?
Curtin FM radio interview
“Are you teaching your kids the value of money?”
Research show that over 35% of kids have their own mobile phone. Are you paying for your child’s mobile phone bill? What value does your child place on you paying for their phone bill? Does this set future expectations of a privileged life where their parents are paying their way?
Channel 9 (Today Perth News)
We all know kids love their pocket money but it's also a good way of teaching them finance tips from an early age.
Saving Stress - The Project Channel 10
The Project talks about a study that shows 40% of households barely breakeven. Why are we unable to save?
Pro Bono Australia - Teaching Primary School Kids to Give
Teaching your kids the power of giving from a young age can help them lead meaningful and fulfilled lives.
Geelong Advertiser - Game with a long life payoff
How to handle money is best taught at a young age say finance experts.
Motherpedia - 7 Money Education Tips
"Attitude" is the key to manageing money and attitudes are formed from ages 5-12 years on May 07, 2014
Channel 7 News
"Mum Amanda Formby is about to teach someone a lesson. "Often you don't see a lot of money these days - it's just the card and they see Mum paying for things on the card and it's just this magic card that you swipe it and you get things - so I really like for them to be able to handle money. And obviously he'll see a ten-dollar note or get to use a five-dollar note and so on - but then he's actually seen me hand over notes at the hairdresser and he's like 'Oh - how much are you spending on hair' - so sometimes it can backfire (LAUGHS).
The Adviser Magazine- Teaching kids the value of money
What should parents teach their kids about money early on so that they won't have to rely on them for financila support when they are older.
The Australian Newspaper- 7 ways to teach children the value of money
By the numbers - in this article Robert shares 7 ways to teach your kids the value of money.
Teaching Kids About Money - Studio 10
Studio 10 - Outlines that teaching kids about money can be a minefield. When is the right age to start pocket money, how much should they receive and teaching them the value of money?
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