Help your child develop good savings habits, whatever their age

Teaching children about saving can mean they are more likely to continue as adults.

  • Saving is an important life lesson.
  • Children who save are less likely to overspend and run up debts as adults.
  • Children develop money habits as early as seven years of age.
Speech bubbles

Ways to encourage saving

Talk to children about money

Play games appropriate to their age and development which involve money. Play shops, take turns as shopper and shopkeeper.

Start talking about saving. For example, suggest saving some sweets for later or saving a comic for a long journey. This starts the idea of spreading the enjoyment, instead of having everything at once.

Think about giving pocket money for jobs done. They’ll then have some money to save. 

Start with small savings targets

Show what their money could buy, or what they could buy with double the money if they waited a week.

Encourage them to save some money they receive as pocket money or from Christmas or birthdays.

Get a piggy bank or jar to pop coins into. They’ll be able to see their money mounting up.

Set a goal

Ask your child what they’d really like. Put a picture on their money box or jar. It’ll act as a visual reminder.

Break the savings goal down into levels. Use a chart to tick off progress and celebrate reaching each level.

Offer to add extra cash. You could top up pennies each week to the nearest pound or add an extra pound if they meet their goals.

Good to know

  • Childrens savings account – talk about how the banks add money in interest.
  • Think about your own saving – if you don’t have a treat and save instead, could you save for a holiday?
  • Children don’t just learn from what you say, but also from what you do.

Savings habits with older children

Age 7 to 8

Children often start asking for extra money for things such as trading cards or in app purchases.

Identify ways they could earn the cash, such as washing the car, feeding pets or helping make dinner.

Age 9 to 10

You could start allowing your children to make their own small mistakes.

If they overspend, point out how savings could have helped, instead of waiting for the next pocket money day.

Age 11 to 13

Encourage independence as they start secondary school. If for example they would like a more expensive branded coat or bag than you intended, give them a choice.

They could buy something with the money you’ve budgeted or, save up the extra.

Age 14 to 16

Help them find part-time jobs, such as babysitting, dog walking or a paper round.

Then suggest they set aside part of their wages towards larger purchases or future driving lessons.

You may also like

Savings calculator

Use our calculator to work out how much you can save each month to reach your savings goal.

Try out our calculator

Savings tools and tips

From starting to save to developing new saving habits, our tools and tips can help you along the way.

See our savings tips

Financial planning

We can help you build a financial plan that works for you.

Plan for your future

Family Finances

Helping you to nurture good money habits with your children.

Understanding finances

Family Finances

Helping you to nurture good money habits with your children.

Understanding finances