In Australian agriculture today, farm owners are typically asset-rich and operate increasingly valuable and complex businesses. With soaring land values and strong business growth over recent times, these enterprises often represent a significant pool of family wealth. As a result, succession planning is no longer just about who takes over the farm operations—it’s also about how wealth is fairly and wisely transferred across all family members, including non-farming siblings. That’s why financial literacy must extend beyond the next generation of farmers.

For farming children involved in the business, the exposure to financial and business concepts often comes naturally (although this is undoubtedly not always the case ). From a young age, they may attend meetings with accountants, financial advisers, bank managers, or consultants alongside their parents. Over time, they absorb critical knowledge—tax strategy, budgeting, investment decisions, business structures, and financial risk management become familiar territory. These skills are essential for those intending to manage the enterprise and maintain its long-term profitability.

However, there’s a growing concern: non-farming siblings are often not given the same financial education or exposure. Yet, due to inheritance or structured succession outcomes, they too are likely to receive substantial wealth, be it in the form of capital, property, or even shares in the family business. Without a solid understanding of financial principles, this transfer can become a source of stress, mismanagement, or family conflict.

This raises an essential question: Are non-farming family members adequately prepared to receive and manage significant financial assets?

Financial literacy isn’t about becoming an accountant. It’s about developing the ability to understand money—how to manage it, grow it, and protect it. Topics like tax obligations, investing, budgeting, insurance, compound interest, and retirement planning are all relevant. So is understanding how to choose and work with advisers: accountants, financial planners, legal professionals, and more.

Parents have a leadership role to play here. Just as you might gradually involve the farming child in the operational side of the business, you can start introducing financial concepts to all children from a young age. Explain how the business is structured. Show how budgeting works. Talk about risk versus return. Invite them to a meeting with the accountant or financial planner. These are small, straightforward ways to build long-term financial competence.

This knowledge becomes even more critical during an unexpected life event. What if the parents suddenly aren’t there to guide the next steps? Whether the children are farming or not, understanding the basics of business and finance can make all the difference in how well the family handles transition and maintains harmony.

Also, it’s worth noting that strong financial understanding improves communication during succession planning. If all parties understand the rationale behind certain financial decisions, such as asset distribution, loan structures, or business strategies, it reduces the risk of conflict and fosters mutual respect.

Farmers often have access to excellent professional advisers, but many families don’t use this network to full effect. Leverage the expertise you already pay for. Ask your advisers to help you educate the whole family. Make sure they are team players and can work collaboratively across legal, financial, and business advice. And if they’re not adding value, replace them.

In short, don’t focus solely on growing capable operators; grow capable wealth managers too. Equip every family member—farming or not—with the financial skills to make informed decisions. It’s not just a good strategy for succession; it’s a responsible approach to protecting your legacy.