Financial literacy isn't taught in most schools, yet it's one of the most important life skills. The good news? Parents can start teaching money habits at home, and it's never too early to begin.
Age-by-age guide
Ages 3-5: The basics of money
At this age, children can learn that money is used to buy things. Use clear jars for saving, spending, and sharing. Give a small allowance in coins and let them make choices at the shop.
Ages 6-10: Earning and saving
Introduce the concept of earning through chores. Help them set a savings goal—like a toy they want—and watch their progress. Explain that when they spend, the money is gone. Consider opening a Junior ISA or children's savings account.
Ages 11-14: Budgeting and decision-making
Give a weekly or monthly allowance and let them manage it for things like entertainment, snacks, or gifts. Open a youth savings account and teach them about interest. Discuss the difference between "wants" and "needs".
Ages 15-18: Preparing for independence
Teens should understand budgeting, the cost of living, and the basics of credit. If they have a part-time job, help them open a current account and learn to track spending. Discuss student finance and university costs.
Tools and resources
We offer free resources for families across all our locations:
- Children's Savings Account: No fees, competitive interest, and online access for teens (available in GBP, EUR, USD)
- Junior ISA (UK): Tax-efficient savings for children with parental control
- Allowance Tracker: Downloadable chart to track chores and savings
- Money Smart Kids Workshop: Free monthly sessions at our branches in London, New York, Frankfurt, Paris, and São Paulo
Money conversations
Talk openly about money. Include kids in age-appropriate discussions about family budgets, saving for holidays, or choosing between purchases. When they see you making thoughtful decisions, they learn by example.
Three jars, one habit
The classic "save, spend, share" method works. Each time a child receives money, help them divide it: some for short-term savings, some for spending now, and some to donate or give. This builds balance and generosity from the start.
At Unity Oak Trust, we believe financial education is a gift that lasts a lifetime. Visit any of our global branches to open a Children's Savings Account or pick up our free financial literacy activity book.