Teaching kids about money

Talking to your kids about money, and involving them in financial decision-making will help build their confidence in the subject. It shouldn't just be a one-off event, but a part of day-in, day-out conversation.

You can start talking to your children from as young as 3 as they become more curious about the world around them.

Try talking to them about different coins, notes and cards

Help them understand that things cost different amounts of money

Teach them the importance of keeping money safe so you don't lose it.

Children learn by watching and imitating those around them. By showing them how to manage and handle money we set them up for a more confident and healthy relationship with money when they grow up. 

You could try taking them food shopping with you (or sitting next to you if you do it online) to see how much things cost.

As they start to better understand what money is being used for, it's important that kids to start having a go themselves, rather than just watching you do all the hard work.

When you're out and about, you could let them pay for the things they want to buy. They could even count out the right money. 

Sometimes, (or a lot of the time) it can feel like kids are oblivious to money. As they become more familiar with money, they start to see the benefit of making some of their own.

There are lots of ways for kids to make money. You could let them help out around the house, babysit or collect the groceries for family or neighbours, or even sell some of their unwanted toys, clothes and games online (with parental supervision of course).

As they get older, showing trust in their ability to manage their own money will build confidence. 

For younger kids, get them a piggy bank to teach them about keeping money safe

As they grow, start giving them pocket money, or even get them set up with a bank account of their own

Give them the opportunity to earn more by doing chores around the house