Banking for kids
What is MoneySense?
MoneySense is an impartial financial education programme for 5-18 year olds. It uses a range of materials such as games and videos and real-life situations to make learning about money feel real and relevant
We also support financial education in the classroom with a wide range of curriculum-linked resources - you can register on the MoneySense website for full access to these materials.
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.
Open a savings account
Saving for your child can be a great help for their future and encourages them to understand the importance of managing money.
One way to do this is by opening a savings account.
Take a look at our First Saver accountTeach your kids to save with our First Saver account. All parties to the account must be UK residents to apply.
Earning pocket money
Teach children that you need to earn money before you can buy things. Show them some household bills and any Direct Debits and Standing Orders you've set up to pay them, you could even show them your pay slip.
Giving pocket money can help them learn about earning money, and you can give them tasks to do at home to earn this.
An account for their pocket moneyOur Adapt account can give kids a start in managing their money and they could earn interest on their balance. The account is available for 11 to 18 year olds who are UK residents.
Contactless and cards
In an increasingly cashless world, it's important to talk to your kids about contactless cards (not currently available on the Adapt account) and mobile banking.
They'll also need to know about storing card details on their mobile phone or other devices to make payments via Apple Pay and Android Pay. Without seeing money being exchanged, it's harder for children to understand how much things really cost.
As your kids get older it's also a good idea to talk to them about shopping online and how to do so safely.
Teaching teenagers to budget
You can get your teens to plan and budget for an activity they really want to do to help them learn about managing their money.
Show them how to set a budget and work out how much each part will cost. This will help them see that budgeting helps their money go further.
When should they borrow money
It's a good idea to talk to teenagers about credit before they get to 18. Explain when it's a good idea to consider credit, when it's a bad idea and why it's better to save up and use cash when you can.
Make sure that your child understands they will need to be able to make monthly payments for any money they borrow.