Teaching your child about money

Help your child by teaching them about money early. You can start by teaching them about budgeting, how to spend wisely and setting savings goals.

You can teach them:

• how you earn money
• the difference between things they need and want
• how much things cost
• how you pay for things
• about paying bills
• to save their money in a piggy bank or bank account.

Find out about teaching kids about money on the Money Smart website.

Opening a bank account for your child

A bank account can be a good way to teach your child about money. You may want to open a transaction or savings account.

When you’re opening an account, you may want to look at:

• interest they may get for their savings
• programs the bank offers to teach them about money and savings
• how your child can access the money
• fees
• if there are age requirements.

If your child earns interest from their bank account, it may need to be declared as income in a tax return. It depends on:

• who owns and uses the money
• how old your child is
• how much interest they earn.

Find out more about children’s savings accounts and declaring interest on the Australian Taxation Office website.