When it comes to setting kids up for financial success, what parents do early matters most. We’re talking about the ages between 6 and 17 — the window where habits are being shaped for life. But far too often, parents miss the mark.

Here are the three biggest mistakes we see — and what to do instead.

1. Zero Expenses, Zero Savings

In reality, most kids don’t have any expenses. They live at home, eat your food, wear the clothes you buy, and go to sports practice on your fuel. That’s normal.

But here’s the issue: if your child has no expenses and you allow them to have no savings, you’re training them to live paycheck to paycheck.

  • Pocket money? Gone.
  • Part-time job at Maccas or Woolies? Spent.
  • No goals. No plan. No savings.

It might feel harmless — “they’re just kids” — but you’re wiring their brain to see money as something you spend the moment you get it.

2. You’re Doing It To Them, Not With Them

This one comes from love, but it still hurts.

You open a bank account for your kid, deposit money into it, and say, “One day, this will be yours.”

Great intention. Wrong approach.

Why? Because they’re completely excluded from the process.

If you want to raise kids who understand money, they need to be involved in the process:

  • Let them sit with you on payday.
  • Show them the account.
  • Talk through decisions.
  • Set small goals.
  • Let them feel the progress.

Don’t just gift them the result. Help them build the habit.

3. Giving Them What You Never Had (Instead of Teaching What You Never Knew)

Another mistake that comes from love.

You start doing well in life. You’ve got money now. And you want to give your kids everything you didn’t have growing up.

But instead of giving them things, try teaching them knowledge.

Ask yourself:

“What do I know now about money that I wish I knew when I was younger?”

Then teach that.

The lessons you learned late? Share them early.

It’s One or the Other

Here’s the reality:
Your kids are going to grow up and either:

  • Spend their lives recovering from poor financial habits
    or
  • Spend their lives benefiting from strong financial habits you taught them young

As the parent — you choose which one.

Firstly, forget about raising spoiled kids with no clue about money.
Then, raise informed, capable kids who know how to handle it.
Teach early. Often. Together.