Managing your money

Teaching kids about money

Money doesn't grow on trees

It's what our parents always told us, but for many children, the financial wisdom often stops there. 

In a 2019 survey conducted by the Money and Pensions Service, less than half (48%) of children and young people recall receiving financial education at home or at school. 

We want to help teach kids about money and make sure financial capability starts at a young age.

How to teach kids about money

Teaching children about money helps them to prepare for life in the real world. Managing money is a vital life skill and if kids develop this from a young age, it will help them in adult life. Our tips can help you teach your kids about money.

  1. 01

    Start talking to your 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.

  2. 02

    Show them how it's done

    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.

  3. 03

    Let them have a go

    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. 

  4. 04

    Let them earn some 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).

  5. 05

    Let them manage their money

    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

Banking for kids

Whether you want to encourage saving habits at an early age, or give them their independence, we can help with our range of kids accounts.

Specific account eligibility criteria applies.

Open a child and teen bank account

Apply and open online

Account for 11-18 year olds

Make purchases and withdraw cash with your debit card

Check your balance out and about with our Mobile Banking app

Earn 1% interest on your balance

Works with Google Pay™ and Apple Pay

No regular set fee to have this account

You must be 13 or over to use Apple Pay, and 16 or over to use Google Pay™.

Open a First Saver account

Helping kids learn how to save

Free, instant access savings account for children under 16

Open this account with just £1

Access funds instantly, if you need them

Hold the account in trust for a child or in the child’s own name if they’re over 7

Get a free piggybank and access to Pigby's World of savings tips

Open a Junior ISA

Invest for your child's future

No UK Income or Capital Gains Tax to be paid 

The Junior ISA allowance is £9000 per child in the 2021/22 tax year

Invest an initial lump sum from £50, or set up a regular monthly contribution from just £10

Top up any time from £10


The NatWest Invest Junior ISA is a stocks & shares ISA, so the value of investments can go down as well as up, your capital is at risk. Eligibility criteria, fees and charges apply.

Safe and easy banking with the NatWest app

Start using the NatWest app to securely login and easily carry out your everyday banking needs. You'll discover how banking can be made easy.

Is there anything else we can help you with?