We wanted some tips to encourage children to save money – and the experts at MetroBank obliged…
- Saving little and often is a great way for children to learn about the benefits and fun of putting money away.
- It’s never too young to save. Whether it’s a lump sum to kick start a savings pot or little amounts regularly; saving from an early age puts them in good stead for later life.
- Send them on a scavenger hunt! You’ll be surprised how much loose change you might have around the home and children will love the thrill of counting it up!
- Get them used to going to a bank and comfortable asking questions, or show them how your mobile banking app works, demonstrating how money comes in and goes out of your account.
- Get a piggy bank. It’s a great way for children to have a goal and something to save for. Stick a note or a picture of the goal on the piggy bank to make it more real and encourage them to set a reminder on their phone every week or month to add to it
- Have bigger goals? Use a savings chart. Work out how long it will take to save for the goal and map this across a calendar. If it is a large goal have smaller targets along the way to keep your child engaged.
- Reward children for saving money. These can be as simple as something like stickers or their favourite dinner. Either way it provides your child with a little incentive.
- Feeling generous? Match your child’s savings contributions or a percentage of their contribution so you save together.
- Let the child take control. This teaches them that saving is fun, but also the responsibility that goes along with money.
- Odd jobs and chores around the house can help children learn about working and seeing the benefits of earning money.
*Metro Bank offers a financial education programme, Money Zone, which has taught tens of thousands of key stage 2 primary school children the importance of savings and budgeting.
More information on how we welcome kids at Metro Bank can be found here: https://www.metrobankonline.co.uk/about-us/kids-zone/
Please note, the advice published on Parent Info is provided by independent experts in their field and is not necessarily the view of either Parent Zone or CEOP.