Create a good savings habit with your children​

Teach them when they’re young

By teaching your children about money and savings, they are more likely to continue saving as adults.​

  • Children develop habits as young as seven, and saving is a good habit to have.
  • Saving is an important life lesson which they’ll carry into adulthood.
  • By having a good savings habit, children are less likely to run up debts as adults.


How to encourage saving

Learning through play

This is a great way to start. You could play shop, taking it in turn to be the shopper or the shop keeper.​

Talk about saving. It doesn’t have to be saving money, it could be saving some sweets for later or saving their favourite book for bedtime. This will start the idea of spreading the enjoyment rather than having everything at once.​

Once they’ve got the idea about saving, you can think about giving pocket money, and getting them to save some money up. Have a look at our pocket money guide some idea’s around this.

The benefits of saving

If you help your child see the benefits of saving, it will encourage them to put away some money. Point out how much something costs with the money they have. Show them what they could buy if they saved up a little more.

They may get birthday or Christmas money. Get them to save a little. Pop it into a piggy bank or money jar. It will encourage them to keep saving if they can see their money grow.​

Set a goal​

Ask your child what they’d like to save up for. You could put a picture of what they want to buy on their piggy bank or money jar. It’ll help to remind them why they are putting away money.​

Break down the savings goals into chunks and make a little chart and mark off their progress. You could even offer to add a little extra cash when they hit each milestone.​ Topping up their jar with a few extra pennies as a reward for great saving.

Handy to know


  • Talk about how you save. Show them how you cut back on buying treats and put money aside for a day out instead.
  • Talk about bank accounts and how the bank keeps your money safe. Adding interest on the money you save.
  • Children will learn from not just what you say, but also what you do.

Savings habits as children grow

Children are quick to ask for things. Ice-cream after school or for money for things like sweets or in-app purchases on video games. Instead of just handing over the cash, point out ways they could earn the money for the treat. It could be for doing little jobs around the house or as a reward for good school work.

Age 9 to 10

Once your children have their own money, start letting them make their own decisions on how they’ll spend it. Help them see what they can afford to buy with the money they have.

If they don’t have enough for what they want, encourage them to save-up. By waiting, they can then buy what they want.

Age 11 to 13

As your children start ‘big’ school, they’ll grow in independence and confidence. If they’re after the latest branded pair of trainers, which cost more than you hoped to pay, suggest they save up some money and they could pay the difference.

This helps them see how different things cost different amounts. They’ll decide if it’s worth saving up a little extra.

Age 14 to 16

  At 14, children can work part-time. There are rules about what jobs they can do, but it is a way for them to earn some money themselves. They’ll soon learn the value of money when they have to work for it.

Encourage your children to save some of their wages and to save up for something worthwhile. Whether it be a shopping trip with their friends or those new trainers they were after.

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