Money isn’t always easy to talk about and can often feel awkward, emotional or even confrontational, especially when it involves the people closest to us. But the start of the year can be a good time to open those discussions. Not to set strict rules or place pressure, but to gain a mutual understanding and avoid stress later on.
These conversations don’t need to be formal or uncomfortable and in fact, the most helpful ones are often simple, honest and ongoing.
Talking about money with your partner
If you share finances with a partner, money conversations are unavoidable, but that doesn’t mean they’re always easy. Different upbringings, habits and priorities can all shape how we think about money.
Early in the year is a good time to check in and talk about what’s coming up, before things become urgent or stressful. Some helpful topics to discuss could include:
- Any big expenses on the horizon (holidays, renovations, school costs)
- What feels financially stressful right now
- What you’d each like to prioritise this year
Rather than focusing on what should happen, it can help to start with how things feel. For example:
- “What’s been worrying you most about money lately?”
- “Is there anything you’d like us to do differently this year?”
If one person prefers saving and the other prefers spending, that doesn’t mean one is right and the other is wrong, talking openly helps you find a middle ground that works for both of you and decisions can be made together.
Talking to kids about money
Money conversations with kids don’t have to be formal lessons and usually everyday moments are the best opportunities to teach.
For younger children conversations may tend be around helping them understand that money is limited and that choices matter. This might involve:
- Explaining why they can’t have something rather than saying ‘no’. This can help them understand that having everything isn’t always an option and spending on one thing, means giving up another thing.
Other simple ways to introduce money concepts could include:
- Having them save towards a small goal, like a toy or game
- Using clear jars for spending or saving so they can see the money coming in and going out
- Letting them help with simple choices, like comparing prices at the supermarket
Teenagers on the other hand are often more aware of money pressures so real-world conversations could go a step further, such as:
- How long it will take to save for something while working a casual job
- Staying consistent with a big savings goal
- Managing a small budget to pay for some of their ‘wants’ such as a video game or clothing items
- Talking openly about how credit cards, loans and debt work
These conversations can help build confidence and awareness as they get older and move out of home.
Talking about money with adult children or parents
As families grow and change, money conversations often extend beyond the household. Adult children may need help while renting or saving, and parents may be navigating retirement, fixed incomes or changing circumstances.
These conversations can feel uncomfortable but avoiding them can create bigger issues down the track.
When talking with adult children, it can help to be clear about:
- What support you can realistically offer
- How long that support might last
- Any boundaries that need to be in place
For parents, conversations might include:
- How they’re managing financially, especially if they’ve retired or living alone
- Whether they need help understanding online or mobile banking and how to manage their bills and accounts
- What plans are in place if their circumstances change and a medical need arises
Approaching these discussions with care and respect is important. The aim is support and understanding, not control.
Talking about money with older parents or grandparents
As parents and older relatives age, money matters can sometimes become more complicated. Changes in health, confidence or access to technology can make some people more vulnerable, often without realising it.
This can lead to what is known as elder financial abuse, when an older person’s money or assets are misused, taken or controlled without their full understanding or consent. This can involve pressure to hand over money, misuse of bank accounts, or being talked into financial decisions that don’t benefit them. Importantly, elder financial abuse doesn’t always come from strangers. It can sometimes involve people they know and trust, which is why it can be difficult to recognise or talk about.
Early conversations can help protect everyone involved, such as:
- Checking who has access to accounts and important documents
- Making sure bills and finances are being managed the way they expect
- Encouraging questions about unfamiliar transactions or requests for money
Keeping communication open helps create a safe space to raise concerns, ask for help and address any concerns early, before they become serious issues.
Talking about scams and protecting your money
Scams are becoming more common and more convincing and having an understanding around common scam tactics is important, along with knowing how you can help protect your personal information and finances, no matter your age.
Talk to your family and take the time to understand:
- Common scam types such as bank impersonation scams, investment scams and phishing scams
- How you can protect your details by updating passwords, storing them securely and never clicking on a suspicious link
- What to do if something doesn’t feel right or if you think you’ve fallen victim to a scam
Learn more about scams, tips for protecting yourself and how we’re protecting our customers by visiting the Scam Awareness page on our website.
This information provides general advice only. We do not provide advice based on any consideration of your personal objectives, needs or circumstances.
