Women share valuable words of wisdom from their own mothers

Mothers are on the money when passing down financial advice, as these wealth specialists, business leaders and others highlight.

Aussie mums are being urged to continue breaking previous generations’ gender biases when it comes to money.

Mothers can help reshape old ideas around mothers managing the house and fathers running the finances, says money coach Karen Eley.

She says children absorb financial skills and behaviours – good and bad – from both parents.

“Mothers who actively participate in managing household finances really set a good example for their children and show them what’s possible,” Eley says.

“Children are learning from you, whether you are actively talking about spending, saving and investing, or avoid discussing these concepts.”

Ahead of Mother’s Day, we asked female finance specialists, business identities and everyday Australians to share the top money tips they learned from their mums.

Eley’s mother’s advice was to never spend more than she could afford, and to avoid relying on anyone else – such as a husband or parents.

Money coach Karen Eley says her mum taught her to avoid relying on others. Picture: Heidi Wolff

“Your finances are your own responsibility,” she says. “If you don’t know about something financial, go and research it, learn as much as you can and seek out others who have the success that you want.”

JBS Financial Strategists CEO Jenny Brown says her mother helped instil and savings mentality to always have an emergency fund to cope with nasty financial surprises.

“That was always drummed in,” she says.

“It was always ‘pay yourself first’ – in my first job I saved half of what I earned.”

Another piece of motherly money advice that sticks in Brown’s mind: “never borrow what you can’t easily afford to repay.”

Fairvine Super Fund chairman Sangeeta Venkatesan says her mother never earned a wage but was always structured and careful with spending.

“While she never sat down with me to discuss financial planning or give me tips on how to manage my money, what I observed with her as a child has stayed with me,” she says.

Venkatesan says the top money tips she would like to pass down are about investing.

“As a child I constantly heard about saving and living within my means, and how debt is a very bad thing,” she says.

“Overall, my upbringing in terms of money was conservative and limited. As a result, I struggled with investment decisions throughout my 20s and early 30s despite having a career in financial services.

“I would like my daughter to be open minded and brave about investing. Taking calculated risks and planning long-term goes a long way in ensuring financial security and stability in the future.”

Rebecca Weatherill, 50, says her mother’s money advice was consistent, safe and reliable: “If you can’t pay cash for it, then don’t buy it”.

“Even to this day, if she does use a credit card as a payment method, she’ll pay the full amount each month to avoid incurring any interest charges,” Weatherill says,

“Interestingly, I haven’t always heeded her sage advice and consequently I’ve paid a great deal more interest on credit card debt than she ever has – sorry Mum!”

Rebecca Weatherill’s money advice from her mother was safe and reliable.

For Katrina Webb, a Paralympic gold medallist and director of Newday Leadership, her mother’s upbringing on a farm taught her about repurposing and only buying new when necessary.

“This has definitely influenced me as I am very thoughtful before spending money,” says Webb, 44.

“My mother taught me that money does not equal happiness. Human connection and strong relationships are the key to contentment and fulfilment in life.”

Kerrie Akkerman, 61, says living on an almond orchard amid frosts, storms and heatwaves prompted her mum to remind her to save for a rainy day and have enough to weather storms.

‘It is easy to just spend, but when times are tough or you have an unexpected event in your life, you must have back up money to live on,” she says.

Akkerman says she is grateful for the advice to live within her means and not overspend.

“It has what has spurred me on to buy my own home and an investment property, so I have security for the future. Homelessness for women over 55 is the highest growing demographic and being on my own after raising a family means it is my responsibility to provide for myself.”