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Saving made simple

Saving for children

With transactions increasingly being carried out online, there are still things parents can do in the real world to teach children how to save and feel confident handling money. We asked the experts at MetroBank for some tips…

1. Saving little and often is a great way for children to learn about the benefits and fun of putting money away.

2. 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.

3. 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!

4. 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.

5. 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

6. 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.

7. 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.

8. Feeling generous? Match your child’s savings contributions or a percentage of their contribution so you save together.

9. Let the child take control. This teaches them that saving is fun, but also the responsibility that goes along with money.

10. 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/

 

The advice published on Parent Info is provided by independent experts in their field and not necessarily the views of Parent Zone or NCA-CEOP.

First published: September 2017
Updated: ​May 2018

 

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