Published on: 12 Jun 2018
The way we pay for things has changed so much since our childhoods that explaining to a child how money works can be confusing to them. They see you pay by card at the supermarket, put your card in the ATM and out comes cash – easy peasy! But they need to learn that it’s not a bottomless stash of cash. Research suggests that money habits are picked up from as early as age five to seven, so it’s crucial that your children understand money, so they’ll be MoneyFit later on.
Check out these tips from BMoneywize
- Show children, with relevance to their age, how you deal with your finances – whether it’s making payments or managing bills – and make it fun.
- Encourage children to save towards something they want. This goal will give them a feeling of control and achievement - use our GoalSaver.
- Reward children, if possible, to help them understand the benefits of saving and earning interest. You could, for example, offer to pay part of the cost of something they are saving up for, if they save an agreed amount.
- Let them handle money, whether it’s paying for small items in a shop and getting change; paying a bill or helping with chores around the home.
- Teach children to take care of the money they do earn by putting it into a savings account.
Get your children into the savings habit
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