Whatever their age, help your children to build a good savings habit

By teaching children to save, they are more likely to continue saving in adulthood.

It’s a great life lesson

  • children develop money habits as early as seven
  • children who save are less likely to overspend and get into debt as adults.

Ways to encourage saving

Get your children to start thinking about saving. There are many ways to do this. Here are some tips to get you started.

Talk to your children about money

Playing shops, where you take turns as shopper and shop keeper can help children to understand money. Even as they get older, you can still involve them in playing with money, suitable to their age and development.

You could think about giving pocket money for small jobs around the house. They’ll then have some money they could save.

Help your children to understand delayed gratification and get them thinking about saving when they’re young. For example, you could suggest saving some sweets for tomorrow, or a movie for later.

Start with small savings goals

Show your children what their money could buy today, versus what they could get if they saved up their money. It’ll help them to understand longer-term goals.

A piggy bank is a great way to do this. Whether it’s pocket money or their Christmas and birthday money. Get them to pop it into a piggy bank or savings account and encourage them to watch their money grow.

Set goals

A good way to start is to ask your child what they’d like to save up for. Pop a picture of it on their piggy bank – It’ll keep them focussed and act as a visual reminder.

Create a savings chart. Break down the savings goal into levels and tick off progress. You can celebrate reaching each level, which will really motivate your child to carry on saving. You could even offer to add extra cash when they hit their goals.

Good to know


  • children’s savings account – talk about how the banks add interest to money saved.
  • children don’t just learn from what you say, but also from what you do. Think about your own savings and how you can help influence them.

Savings habits with older children

As your children grow-up, they will be more interested in money. Here are some tips to help you encourage your children to save.

Age 7 to 8

Children often start asking for extra money for things like games and treats. Identify ways they could earn the cash and buy these themselves, such as washing the dishes, feeding pets or vacuuming.

Age 9 to 10

This is a good age to let your children make small money mistakes. It’s a great way to learn. You could maybe get them to create a budget to buy dinner for the family. Chat through their plans and see what they come up with.

Age 11 to 13

At this age, children are growing in independence. Encourage them to make more of their own decisions. If they want to buy something, do they have enough money? Get them to think about how they can budget and save. You could also maybe suggest a cheaper item.

Age 14 to 16

Teenagers can start earning their own money through part-time jobs. Support them to find a part-time job. You can then work with them to budget what they earn, setting some money aside to save towards their goals.

You might also like

Savings calculator

Use our calculators to help create a plan to reach your savings goals.

Try our savings calculator

Savings tools and tips

Tips on how to grow your savings and ways to cut your spending.

Tips to help you save money

Financial planning

Wherever you are in life, a financial plan can be your way forward.

Plan for your future

Family finances

Helping you to support your children to grow money confident.

Family finances

Family finances

Helping you to support your children to grow money confident.

Family finances