When Ten Hui Yu, the associate director of financial consultancy Finexis Advisory Pte Ltd met Deborah Tan-Pink, the head of communications at fintech firm Revolut in 2015 to talk about the latter’s retirement plan, it was the start of a friendship built on money — money advice. In 2020, the two started the podcast Good Girls Talk About Money to help women improve their financial awareness and become more confident when it comes to conversations around money.
Both think parents tend to overstate the importance of hard work. And, what you get from such an upbringing is a child who toils away believing she’ll be justly rewarded, which is not true in real life. One needs to be creative and entrepreneurial in order to make their money work harder, and this spirit of innovation is what children should grow up with.
How have your childhood experiences influenced the way you look at money?
Hui Yu (HY): My dad struck the first prize in a lottery when I was a child. With the prize money, we were able to move to a bigger flat and he bought us a lot of nice gifts. But it also led to him to become an even bigger gambler. He got into debt and our income became very unstable. This is why I’m a big believer that we have to be self-reliant and not depend on our husbands or sons for money.
Deborah (DT): Even though my dad wasn’t earning a huge salary, he made a lot of effort to ensure my siblings and I were comfortable and we never had to worry about money. For me, financial security is extremely important and I’m constantly looking for ways to make more money. I’m a bit like a hamster, I stuff money away for “rainy days” any chance I get!
Hui Yu, as a financial advisor, share how parents should plan for their daughters’ financial futures?
HY: A lot of parents don’t talk to their children about money and this lack of communication is part of the reason why many young adults don’t give their finances much thought when they start working. Some parents also think if they need to give their children a head-start, it’s probably the sons because “men need to provide for the family”. If you have a daughter, it’s crucial to talk to her about financial independence and how she can build and protect her own wealth.
Deborah, Revolut has an app designed for children called Revolut Junior. What does it do?
DT: Revolut Junior gives children some degree of financial independence while letting parents monitor their spending remotely. It comes with a debit card and when a child pays for something using the card, their parent gets a phone notification. Revolut Junior also comes with Tasks and Goals, so parents can use the platform to impart lessons about how money is earned and why it’s important for kids to master the art of budgeting and saving from a young age.