MONEY SAVER
FAMILIES are usually coy about discussing money matters, so to have four generations on the same financial page is unusual.
For Michele Whitters, 74, her journey to financial independence has flowed through to daughter Monica, granddaughter Jessica and great-granddaughter Mia.
“My mum and dad never discussed money until after I left home,” Ms Whitters said.
She has impressed on her family the importance of taking control of superannuation and other finances. “It’s worked really well for us.” Monica Kennedy, 52, said key lessons learned included financial resilience, education, seeking good advice, and learning from actions rather than simply words.
“Talking about money is not something that’s comfortable for families,” she said. “We practise, and our children pick up on our practices. Mum always worked really hard.
“I watch Jess giving Mia pocket money and she’s really good at squirrelling it away for …the future.”
Granddaughter Jessica Kennedy, 31, has been teaching her children to manage their money and daughter Mia, 10, is saving for a new puppy.
Ms Kennedy’s parents gave her a loan to buy a property at age 18 and she said it helped “make a massive difference to where I am today”.
She said good role models were important. “Mum always said to me, as a woman it’s important to be financially independent and support yourself, and your children if the need arises.”
Ms Whitters said sharing financial knowledge should move in both directions: “Now I’m looking to my daughter and granddaughter for advice,” she said.
Ms Whitters has had a selfmanaged superannuation fund for many years and is part of Dixon Advisory’s WISE program, which offers workshops for women to discuss finances in an informal way.