Helping Without Hindering: Teaching Our Children to Thrive Financially

As parents, most of us share a deep desire: to help our children live a better life. We work hard, make sacrifices, and dream of providing them with opportunities we didn’t have. But here’s the hard truth — in trying to give them everything, we sometimes rob them of the most valuable gift of all: the confidence and character that comes from earning, failing, adapting, and succeeding on their own.

I’ve lived this lesson.

At 18, I landed in London with nothing but a backpack, a willingness to work, and a dream of getting to my brother’s wedding in Ireland. Within a day, I had a painting job and two weeks later, I’d saved enough money to make the trip, hire a suit, buy a gift, and return to London. When I got back, I landed another job immediately — but I was paid two weeks in lieu and handed a cheque that wouldn’t clear for 10 business days. To make matters worse, I didn’t yet have a British bank account.

Suddenly, I was in one of the world’s most expensive cities with no access to cash.

Many of my mates phoned home. A few thousand dollars quickly showed up in their bank accounts courtesy of Mum and Dad. I made the call too. I hadn’t asked for money since I was 16. I explained the situation and asked if Dad could help me out. His response? “Well Bradley, you’ve made your bed son — now lay in it.”

It felt brutal. I didn’t speak to him for six months. But here’s the thing — it shaped me. In those 5 weeks, I hustled. I made do. I lived on a shoestring budget, leaned on my personality and resourcefulness, and built lasting friendships. When that cheque finally cleared, I understood the value of what I’d earned. I didn’t blow it. Three and a half years later, I returned home after incredible adventures abroad with a fistful of cash, ready to start my education and business journey.

That’s the kind of resilience money can’t buy.

And that’s what I want for my children — and what I want to help our clients teach theirs. It’s not about depriving them. It’s about preparing them.

1. Financial Literacy Before Financial Support

The basics aren’t complicated. But they are critical.

• Spend less than you earn.

• Build a spending plan. The word "budget" often evokes scarcity. A spending plan is about living life by design, not by default. It’s intentional. It's empowering.

• Set meaningful goals. When the "why" is strong enough, the "how" becomes clear.

• Understand good vs bad debt:

• Good debt helps buy appreciating assets (property, shares, business). It can be tax-deductible and a wealth builder.

• Bad debt finances lifestyle expenses that depreciate (cars, holidays, gadgets). It often traps rather than frees.

Books like The Richest Man in Babylon, The Millionaire Next Door, and Money: Master the Game by Tony Robbins offer timeless lessons for all ages.

2. The Power of Compound Interest

When I was 16, I met a financial adviser who changed my life with a single chart.

It compared two investors:

• Investor A started saving $2,000 a year from age 18 to 28 (11 years, $22,000 total), then stopped.

• Investor B started at 29 and saved $2,000 a year until age 65 (37 years, $74,000 total).

Assuming a 6% compounding return, Investor A ends up with $274,108 at age 65 — while investor B ends with $269,808 purely because time is the secret weapon.

We need to show our kids this magic early. Let them feel the wonder and power of time and discipline.

3. Set Structures, Not Safety Nets

Support doesn’t have to equal handouts. It can look like:

Matching their savings: This teaches them effort = reward.

I’ve helped my older two girls, Eva and Ruby buy their first car by matching their savings, as a result they love their cars and the fact they worked and saved for them while studying, we were really intentional so they would also factor, stamp duty, pink slip, green slip, registration, comprehensive insurance, regular servicing, tires, maintenance, and fuel costs because this is their responsibility.

• Gifting investments: A share parcel offers both value and a learning tool.

• First home strategies: Instead of cash, use family trusts, loan agreements, or staged contributions tied to their own effort.

• Help them open their own investment accounts: Guide them in learning how to manage financial platforms and understand statements.

• Encourage them to build an emergency fund: Even if it's just a few hundred dollars, this builds the habit of saving for the unexpected.

• Review superannuation early: Make sure your young adult children understand where their employer contributions are going and ensure their fund is appropriate for their risk tolerance and stage of life. Explain the insurance options offered. 

And as your children step into adulthood, one of the greatest gifts you can offer is encouraging them to protect their most valuable asset: their income.

• Income protection is often overlooked until it’s too late.

• I tell clients: "These insurances feel like a waste — until the day they change your life."

• People wouldn’t dream of not insuring their car or house however, your ability to earn an income is often far more valuable and needs protecting.

Understand your risks and choose whether to retain them or defer them to an insurer. Protection isn’t exciting — until it’s essential.

4. Share the Struggle, Not Just the Success

Your kids need to see the grind behind the life you’ve built. If they think your success came easy, they’ll wait for theirs to arrive the same way. When they understand your journey, they’ll be inspired to earn their own.

Talk about the setbacks. The bounce-backs. The hard decisions.

Even this week, while I was getting ready for work, my 7-year-old Roman asked how he could become rich like his favourite YouTuber. We spoke about owning businesses. Buying shares, including buying the entire market through index funds. It’s never too early, and the conversations matter

5. Let Them Fall (Safely)

Independence is built through small stumbles. Let them earn, save, make mistakes, recover, and repeat.

Don't cushion every blow. Don't solve every problem. Confidence is forged in challenge, not comfort.

Final Word: Design a Life, Not Just a Legacy

Helping your kids doesn’t mean paving the road for them. It means giving them the tools to build their own.

Financial independence isn’t just about dollars - it’s about dignity, confidence, and contribution.

Let’s raise kids who can stand on their own, handle money with wisdom, and live lives of purpose.

Because one day, they'll thank you - not for what you gave them, but for what you taught them.

If you feel out of your depth explaining some of these concepts to your kids, we can help. We’ll guide you to resources that make these lessons easy to share — and even easier to understand.

If you’d like a copy of our budget/spending plan template to use for yourself or share with your children, or if you’re ready to get advice tailored to your family’s financial future — reach out to our team at Progressive Financial Planners. We’d love to help!

Helpful Resources for Parents and Families

Here are some of the tools, books, and websites we recommend to help educate kids and young adults about money:

• The Barefoot Investor (Family Edition) by Scott Pape – A practical, no-nonsense guide for teaching kids financial basics in a way they’ll enjoy.

• The Richest Man in Babylon by George S. Clason – Timeless financial wisdom told through engaging parables.

• The Millionaire Next Door by Thomas J. Stanley – Insights on the habits and values of real-life millionaires.

• Money: Master the Game by Tony Robbins – Ideal for older teens and young adults looking to understand investing and financial freedom.

• The Psychology of Money by Morgan Housel – A compelling look at how mindset and behavior impact long-term financial success.

• MoneySmart.gov.au – A trusted government site packed with calculators, interactive tools, and financial education resources for all ages.

• MoneySmart Teaching – Free lesson plans and educational resources for parents or teachers: teaching.moneysmart.gov.au

• Teen Finance 101 (by The Simple Dollar or other YouTube channels)
  Short videos that explain compound interest, debt, investing and saving in a way that clicks with digital-native learners.