MATT HOLBROOK: Vasanth is 13. He loves getting around
on his scooter. I love scooters! If everyone lived in my utopia, everyone would be just riding
scooters to work. And spending his pocket money
at the shops. Buy cookies, lollies, chocolates,
biscuits. He’s about to have a lot more money
to spend, though. Ready?
Yeah. He’s one of a few Aussie kids taking part in a TV show called
Teenage Boss. It puts them in charge of their
family’s budget for a whole month. I think I like that one, but then, I also saw this one. Now, I’ve got something
inside this case. Can we come in so I can show you?
Sure. What your family spends… ..is $3,850. One month. Luckily, Vasanth has some help
to make those decisions. That’s so much money! There must be a lot of things
that your family has to buy and has to pay for, right. So I’m going to show you
what some of them are. Eddie Woo is a teacher famous
for his maths videos on YouTube. He’s racked up more than
15 million views. I’m going to give you some time
to have a think about this. Nah-nah! Oh, wow, that’s a lot of money. It’s a lot of money, isn’t it? So many frozen cokes.
I know, right. Vasanth’s family will have to live with the financial decisions
he makes for a whole month. So, they’re understandably
a little bit nervous. This will let us know
whether he values what we value. I’m honestly trying to save
just a bit of money. Why is the butter so expensive? What Vasanth is finding out is that
stretching out his family’s finances to cover everything that needs to be
bought in a month isn’t that easy. Table spread it is!
Whoo, made a save. At the supermarket
he tries to save himself some cash by giving himself a $100 budget. Although
not everyone’s happy about it. What are your thoughts on my shop? Weren’t that great. You bought
margarine instead of butter. There’s a really good reason
for all of this budgeting. Teenage Boss is all about
teaching kids – and their parents – how to spend money sensibly. Something experts reckon
we need to get better at. Recent studies have found young Aussies aren’t
as financially literate as they were in the past. For example, one in five 15-year-olds
doesn’t know how to manage a budget. That’s a problem because pretty soon
kids like Vasanth will have to make those decisions
for a lot longer than a month. But it’s OK. It’s my first shop,
and I’m learning. I’m learning. The good news is, Vasanth seems to be
pretty handy at this budgeting stuff. That child is so tough! I had to shop around to see
where I could find the cheapest one. But some people spend… At the end of the month, he’s managed to save his family
a fair bit of cash. EDDIE WOO: $889. What?!
Oh, my God! And he rewarded himself
with a scooter upgrade. His family was pretty impressed. It’s a pleasant surprise, may I say. He’s done a good job, you know.
Maybe we should leave it to him.