Personal banking Introducing your children to money

Introducing the concept of money to children can be both educational and fun, setting the stage for a lifetime of financial literacy. By getting your kids saving early while involving them in their earning and spending, you can help them develop positive money habits and set them up for success.

A great first step is including your child in the process of opening a kids’ savings account and explaining how money can grow over time through saving and earning interest. This hands-on experience will demystify the world of finance and empower them to take charge of their own financial future.

There’s no perfect age to talk to your children about money. It will be different for everyone, but you can try introducing the idea and seeing how they react. Once they engage, you can begin to educate them – learning to count money is a good way to build their understanding (and helps with their math skills).

If you feel comfortable, you may want to explain pocket money and how it works. This could include asking them if there’s something they’d like to buy and creating a savings goal to work towards.