PODCAST: How young people can develop a healthy relationship with money and build their wealth
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In this podcast, in partnership with MTN Pulse, Sharon Moller, financial planning coach at Old Mutual Wealth, chats to Personal Finance content editor Martin Hesse.
Developing a responsible approach to money begins at an early age, and Moller explains how teaching children key money habits can set them up for success later in life.
She looks at how parents can start the money conversation with their kids, and what key questions they can ask.
Peer pressure is a strong force, and children may feel pressured into, for example, wearing expensive designer label clothes to impress their friends.
Moller says these pressures, during the teenage years into the 20s, have the potential to derail the financial education process, and she explains how young people can guard against this by having a strong sense of self.
When it comes to receiving your first pay-cheque, Moller says different people have different requirements, but if you have the right approach to money - that it is just a tool that you can control, and that it doesn't control you - everything, from saving to staying out of debt, will fall into place.