Are your kids flying blind from the coop? Not if we start communicating differently.
By Dale Gillham
There is a defeatist air surrounding the housing market. Australia’s younger generations have never been more pessimistic about their future and retirement. As a result, they are spending more and more of their lives under our roofs – but at some point, they will fly the coop.
It’s only natural to want to shield your kids from the harsh realities of the world – after all, isn’t that a job as a parent? Our very biology shouts at us to protect our young, but are you doing them a disservice by avoiding some of the harsher realities or allowing them to ignore the world‘s harshities?
Luckily, there are ways of circumnavigating this communication minefield.
Gen-Y and Z are known avoiders of reality – this isn’t always a bad thing, it heightens their creative savvy and gives them an unbridled sense of optimism in various aspects of life, facilitating great work and personal relationships as well as gifting them with a unique way of seeing things.
But filling in their own tax return? No thanks. You ask ‘how’s your super going? The answer: let’s talk about it later. But there is a way to change their perspective on these realities. Their future wealth should be a thing of positivity, and dare I say it, excitement! After all, it is the bedrock for all of the things that our younger generations love to do, including travel, nights out, new clothes and the like.
The media is in part to blame for their dissonance, what with the doomsday (and constant) housing market alerts – but let’s not forget where their perception of wealth begins (with us, as parents). Rather than playing into their framing of these realities, and allowing them to see them as chore-ish or laborious, reinforce that wealth creation and management is simply a day-to-day norm.
Questions of ‘did I do something today to better my future?” shouldn’t be ones of existential crisis!
That isn’t to say that one should shy away from the occasional reality check – of course, you’ll struggle in your 60’s,70’s and 80’s if you only rely on superannuation! Yes, spending your money on traveling now will affect your future! It seems so obvious, and yet, they couldn’t be less interested in hearing it. It can be frustrating, to say the least.
Try demystifying alternative ways of making money for your kids. Too often people focus purely on the 9.00-5.00 (or whatever their working hours may be) and think that the system will take care of them.
Property isn’t the only way of investing in wealth! Considering that we as a country have an abysmal financial literacy instilled within our young people, it is our duty as parents to educate our children on alternative methods of setting up a nest egg of their own.
The lesson for kids is to invest in themselves and invest in their future. Teaching and communicating these concepts to our kids is key to their secured future – just be sure to remind them that learning more about wealth management will ultimately allow them to make free decisions, plan adventures, save toward goals and live worry free.
Visit www.wealthwithin.com.au for more on this.