The cost of kids - how to teach your children about money

In a recent episode of the New Zealand Herald parenting podcast, the hosts delve into the topic of teaching kids about money. They share personal stories about their children's initial experiences with money, including a humorous incident involving a "massage parlor" flyer from one host's childhood. The conversation features an interview with Scott Pape, author of "Barefoot Kids," who emphasizes the importance of instilling the values of work and generosity in children, alongside earning pocket money. Pape recommends a simple approach: giving kids $1 for each year of age weekly, paired with age-appropriate chores. He also stresses the need for open discussions about finances within families, regardless of their economic status. As the episode wraps up, the hosts reflect on their own parenting styles and highlight the critical role of teaching financial responsibility from an early age.