Women tackling finance

Transcript not available

Transcript not available

Transcript not available

Mum: What do you think money is for?

Child: To buy stuff,

Child: buying vegetables and foods.

Child: money is for all the essentials. Like a house, a dog

Child: buying stuff,  like food.

Child: But obviously spending, but like also like, probably saving and investing so you can grow your money more. That's what my Mum would say.

Mum: If you got €1 million now, what would you do with this?
Child: I’d get a butler.

Mum: Very exciting. Anything else?

Child: A chauffeur.

Mum: OK. And anything else?

Child: My very own castle.

Child:  I'd buy house next to Taylor Swift

Mum: with €1 million, right.

Child: Give half of it to load of difficulty charities, and then spend it all on makeup.

Child: Maybe we can do an extension on our House and my dad could have a man cave.

Child: I would save it in my bank.

Mum: Yeah, good girl. And would you do anything else with it?

Child: I’d go to Marbella with it.

Mum: You’d go to Marbella.

Mum: How much you think a car costs?

Child: $300

Mum: Dollars!
Child: €90,000.
Child: €13

Child: A million euro

Child: €1000

Child: €900

Child: €50, or 78,

Child: a Lamborghini or something like €200,000 or something.

Child: A Lamborghini is €100 to 200 grand,

Child: €600,000.

Mum: Like what are we talking here?

Child: I don't know a Lamborghini.
Mum: What kind of car would you be getting for €200,000?
Child: A Volvo

 

Mum: How much do you think a house would cost?
Child: €1,064

Child:  €100

Mum:  I think a little bit more than that,

Child: €102

Child: at least a million. Yeah. For with one with the Lamborghini.

Mum: Is Mummy good with money?

Child: You save and then you spend it all OK? Pennies, except for when she spends it on.

Child: She spends it all.
Mum: What do I spend it on?

Child:  Makeup and tan.

Mum: What does a loan mean?

Child: I don’t know.

Child: You ask the bank for money and in a period of time you would have to pay it back. That came out of Animal Crossing.

Child: it’s money you take from the bank.

Mum: It’s money you take from the bank.

Child: It's also lunch in Irish.

Mum: What’s a credit card?

Child: During COVID it would be like you would get like germs from the money because money's passed around. So then they invented credit cards. So you can like just press. So it's like all the money is on a little card.

Mum: Is the bank giving me money just to have it on credit card?

Child: Yeah.

Mum: Would you like a credit card like that?  

Child: Yeah.

Mum: I bet you would.

Mum: Where do you get the money to put onto the credit card?

Child: Your bank.

Mum: and do you have to pay it back or do you get to keep that?

Child: probably pay some of it back.

Mum: some of it back, so you don't have to pay it all back?

Child: No

Mum: Well that's handy. It's good to know.

Mum: Would you rather get a marshmallow now or wait a whole day and get a bag of marshmallows?

Child: A whole bag of marshmallows is not healthy. So I'd rather just have one marshmallow.

Child: I would wait for a day and get a whole bag because it's more fulfilling.

Child: I'll take her marshmallow today and then tomorrow I'll have a bag for myself Child: wait a day and get a whole bag of them.

Child: Wait a whole day and get a whole bag

Child: wait a day.
Child: Wait a day or two, because then I have more.

Child: more, more marshmallows.

Child: Wait one day and get a whole bag of marshmallows.

Child: Oh, wait one day and get a whole bag.

Mum: Good job.

Why is it important to teach kids about money?

Ellen: Teaching children about money is one of the most fundamental skills that you can give them to prepare them for when they're older.

Emma:  I suppose younger now, I think children are more financially aware, and I suppose at home I'm more open, but my kids about money and what they can and can't have. And I think that just resonates with them.

Graine: The world that we live in today, it is such an expensive place to live, so it's important for our children to understand, study hard in school, get a good job and you know, they would hopefully have the nice things that we would have growing up.

What financial skills should parents teach children?

Vanessa: To meet us five key financial skills that a parent should teach their children.

The first one, which is you need to earn your money. You then need to be able to budget and spend your money wisely. Then only then, when you master the first three, can you start saving and make your money grow, invest your money.

Elanna: I know for young children that could be a little bit difficult, but it's definitely important for them to know that they could put their money into a savings account and they can slowly grow.

How do you teach younger children about money?

Ellen: It’s a joke in our house that we have to have to earn their pocket money and they earning their pocket money be walking the dog or making their bed, or they say homework is they would have to do their homework anyway.

Elanna:  I recently did one with my daughter that it was a savings book, and we put stamps into a book and then each stamp represented €1.00 and then when she got to €20, we lodged it into her post office account.

Teaching teenagers about money

Vanessa: I think you need to lead by example practise what you preach and be open about money. Be open about you earn money. About you spend your money.

Ellen: I think what's really important is to have the courage to say no because if you're saying yes all the time back to that money has no value, it grows on trees. It comes from somewhere. It's going to be my saviour right throughout my life. And that's not reality and we're not doing many favours if we're not preparing them for that.

Emma: Because that's difficult, I think nowadays. Because of social media, so I think it's about, you know, them knowing that they don't have to keep up with the Joneses, let's say and, you know, keep on, keep up with their friends. It's important for them that they, you know, they have a saving habit and they can see their money adding up.

What’s the most important money lesson for children?

Graine: I think it's important for your children to realise that if you save even with part time jobs, if you save a little bit of that every single week, you quickly have a little rainy day fund for kind of a special times and you know, special holiday and that kind of thing.

Ellen: I would be really happy with myself, and I think my husband would be, if we got them to a level and stage in their life where they're financially independent. But if they don't know how to manage their money or they don't know how to save or they don't put a value on us, they're going to struggle. Later on in life, if they can strive to become financially independent, I think that's a really good job, well done for any parents.

What’s the best piece of financial advice you received as a young woman?

Michele: I suppose setting up a pension as early as possible, even if it's only small contributions, because the longer you're contributing, the better your future financial position will be. This is particularly important for women, as they are often taking breaks from making pension contributions. And that's due to maternity leave or caregiver leave. This has been supported by research which says that women often to have to work eight years longer than men in order to end up with the same pension pot.

Mum:  girls, how do you two make money?

Child: I'm working part time at a cafe, so I'm making my pocket money there.

Child: I'm an apprentice hairdresser so I get money from there.

Child:  I earn pocket money by doing chores at home. I do the washing.

Child: I had this amazing thing called the Bank of Mummy. And I get €15  a week into my Revolut account.

Child: By doing bake sales or car washes or babysitting jobs.

 

Mum: Does social media influence your spending habits?

Child: Definitely does. Sometimes, even if you don't want it to.

Child: like you'd see something online or on TikTok, and you'd think, oh, that's lovely. Like, I really want to buy that.

Mum: Are you disappointed then when it gets delivered?

Child: couple times.

Child:  I'd say, yeah, from ads.

Child: Yeah. Sometimes you kind of just want to wear, like, what's trendy and stuff.

 

Mum: Are you a saver or a spender?

Child: I save in a revolute.

Child:  I'm pretty good at saving. Lucy's the big spender.

Child: it’s not my fault I have expensive taste.

Mum: Your father's a lot to answer for.

Child: Sometimes I’m a spender.

Child: it depends like where I'm shopping. If I'm going to like Dundrum, I'm going to spend like €100, but then somehow I still have money left.

Child:  I'd be more of a saver and I was talking about my €15 a week, €10 of that goes away.

Mum: Do you know what insurance is for?

Child: protection against something that could happen. Let's say I have a house out in the countryside. Gorgeous, it would be. And a big storm comes and a few slides off my roof will fall off. I have insurance, they will give me the money to fix my roof

Child:  for when things happen so you don't have to spend lots of money.

Mum: Do you know what a pension is for?

Child: A pension is for when you retire.

Child: There's a state pension than your own pension. You're going to live off that money when you don't have a job.

Child: A pension is money you get after you retire.

Child: Doesn't it help you save for when you retire?

Child It does. So it's good thing to start saving. Getting into the habit of it.

Child: Now I feel targeted right now.

Mum: How are you going to buy your first car?

Child:  Hopefully, my parents.

Child:  I will. I'll work hard. Start saving.

Mum: Good girl.

 Child: Put aside shopping. Maybe it'll do that for me.

Child: I plan on maybe saving up some part time jobs in the summer until I get a full time job. Probably.

Mum: Would you like your own apartment?

Child: Yes, as soon as possible.

Mum: On your own or with people?

Child: with people, I think, yes,

Child: I would like to live in an apartment sort of experience college life.

Child: Maybe when I'm older and I don't have enough money for house, at least I'll have, like, somewhere to live.

Child: Yeah, I'd like to rent one close to home.

Mum: Would you let your twin brother live with you?

Child: No, no,

Child: I wouldn't want to go straight to a house. I want to go to an apartment first and then build my way up.

Child: Definitely. Yeah, but the price is still high around now. I'm not going to be able to rent for a long, long time. It's just extortion at the prices.

Mum: What's the most important lesson you've learned about money from your parents? Child: The harder you work, the more money you're going to make.

Child: Maybe you don't like spend like all your money at once. Save it. So then when you keep saving money, you can build up and get something like big and nice.

Child: money doesn't grow on trees.

Child: to save a little bit and to spend a little bit.

Child: Yes, you're allowed your brakes, but you have to work hard to get those breaks.

Child: Money doesn't buy happiness.