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Helping kids learn about money

Money management basics for children.

Teaching kids how money works and encouraging good savings habits will help set them up well for the future.

Here are some simple ways to help children develop good money management skills.

Open a bank account for them

Having their own account (whether it’s in their own name or held in trust for them) is a great way to get started with saving and learning how banking works. Choose an account designed specifically for children and students, such as ANZ Jumpstart, which has no monthly account or transaction fees, or ANZ Serious Saver, which has our highest interest rate and no monthly account fees to help kick start their savings.

For more information about account options for kids, please see Accounts for kids.

Giving them a reason to save

Saving for a rainy day, or because it’s a good thing to do, can be a hard idea for younger children to grasp. It’s easier if they have a specific goal to save for like a special toy or game. Help them decide what to save for and create a savings plan to get it (e.g. to save $1 a week).

Encourage them

Everyone learns better with regular encouragement and reinforcement. Sit down with them and check their balance online regularly, so they can see progress towards their goal. If you want to provide more tangible encouragement, you could consider matching some or all of their savings if they stay on track.

Teach them to pay themselves first

Paying yourself first is a fundamental savings habit. If children get pocket money, birthday money etc., make it a rule that they have to save some of it (e.g. 10%) first, rather than spending it all.

Teach them financial basics

Use real-life examples to show them how money works and how to manage it. For example, you could demonstrate how interest works by adding a small percentage of everything they save (for example, you could give them 10 cents for every dollar they save). Help them make choices about how to spend their money – e.g. foregoing a small treat now can help them get something they really want sooner.

Talk to them about money

Often kids don’t learn about money because adults don’t like talking about it. But don’t be afraid to show them how you do your own household budgeting and make financial decisions. It’s a great opportunity for them to learn and ask questions.

Helpful resources

Find out more

Accounts for kids

Create a savings plan

Help your child work out how much they may need to regularly save for something special with our savings calculator.

Help and support 

See all help and support articles

This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. An ANZ Authorised Financial Adviser will, on request and free of charge, provide you with his or her disclosure statement prepared under the Financial Advisers Act 2008. If you wish to consult one of ANZ's financial advisers, please contact us on 0800 269 296.