I hope you’ve had a good summer so far. Without wishing time away, it’s dawned on me that Wednesday this week marks the halfway point through 2025 – a good moment to reflect on the year so far and plan for the months ahead.
Congratulations to Joel and Natalie
We’re delighted to share that one of our Associate Planners, Joel, and his partner, Natalie, have just welcomed their second child – a baby boy named Arlo. Their daughter Isla, who is almost two, is now a proud big sister. We’re thrilled for them as they adjust to life as a family of four.
Children and money
Joel and Natalie’s growing family inspired this month’s focus on children and money. Research from Cambridge University reveals something quite striking: our approach to money is largely formed by the age of seven. The researchers examined how children develop learning abilities and self-regulation skills during their early years, finding that the executive functions needed for financial behaviours – like planning ahead and delaying gratification – typically develop by age seven.
What’s particularly fascinating is that children learn financial behaviours primarily through observation and practice rather than formal instruction. The study found that young children initially participate in financial activities (like using pocket money or visiting the bank) simply because they enjoy doing “grown-up” activities with their parents, not because they understand the underlying concepts.
This highlights the importance of understanding our own relationship with money so we can set healthy examples for the children in our lives. Many of our fundamental money habits are already taking shape by that tender age of seven – a largely unknown yet highly significant finding that’s worth pausing to consider.
A great resource for families
Given that children learn best through experience and storytelling rather than formal lessons, a financial planning colleague recently introduced me to a book called “Grandpa’s Fortune Fables” by Will Rainey, founder of the financial education platform Blue Tree Savings. Written for children aged 6-12, parents have found it to be an excellent resource for starting conversations about money and exploring financial concepts through storytelling.
The book follows the story of Gail learning about her Grandpa Jack’s adventure to a faraway island in search of gold, where he discovered “The Three Rules of Wealth.” As Gail shares these tales, children learn:
- How to earn money
- The importance of saving
- How to grow money through investing
- That patience is a superpower
- Why to avoid gambling, scams and bad debt
As we head into the second half of the year, if you’d like to discuss any aspect of your financial planning or have questions about involving your family in money conversations, please don’t hesitate to get in touch.
