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.
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.
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.
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.
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.
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).
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
Whether it's teaching young people to manage their pocket money or design and crowdfund a project, we have lots of games and resources to help build kids' financial awareness.
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.
You must be 13 or over to use Apple Pay, and 16 or over to use Google Pay™.
The Ednites Credit Union 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.
Let us do the hard work for you. When you pay with your debit card, the amount will be rounded up to the nearest pound, sending the spare change straight into your savings account.
Just tap in how much you need to save and by when and our Savings Goal Tool will tell you what you need to save each month to get there. Following a plan can make such a big difference.
Spending can help you to categorise your spend, surface personalised insights, and even let you set budgets to help keep you on track.
Spending Tracker is available to customers aged 16+ who have a Personal or Premier account with us. Round Ups is available to customers with an eligible current account, an eligible instant access savings account and the Mobile App. Applies to debit card and contactless device payments in sterling only. Mobile App criteria applies.
