Children are like sponges and they’ll learn from your savings and spending habits. Talk about money as you go about your daily lives, when you’re shopping or paying bills. If you ever get cash out of an ATM, show your child the receipt, so they understand that machines don’t just give out free money and you need to have money in a bank account before you can make a withdrawal.
If you don’t use much cash, show them your internet banking or mobile app balance and teach them the same lesson.
Encourage your children to save up for things they want. Help them set savings goals and track how they’re doing and how long it will take to save up for what they want.
If you’re on internet banking show them our Goal Tracker tool – a great way to show how they’re progressing.
Under age 7
Start building a future from the moment your little one arrives by selecting a savings account with a good rate of return and interest that'll build overtime. A small start now could grow into a sizeable amount over time. You’ll (parent or guardian) need to operate the account on your child’s behalf.
From age 7
You can set them on the right path by:
- Getting them to save a bit of their pocket money
- Encouraging them to set savings goals for something they want
- Setting them up with ‘read only’ internet banking or mobile app so they can see their bank balance.
From age 10
With your permission, your child over 10 years old can get an ATM/EFTPOS card for their Free Up account.
Encourage them to keep going with their savings goals, and teach them about the financial steps they could take to help them reach their goals.
Help them to understand the value of money by involving them in family budgeting decisions for example if you're planning a holiday or shopping for groceries, discuss how much it costs.
From age 13
Your teenager can withdraw money and pay for things in store without parental or guardian permission. They can get access to internet banking, the mobile app and phone banking to transfer money between accounts. They can also get an ATM/EFTPOS card without parental or guardian permission.
It’s a good age to give them a little more spending power, like shopping for their own clothes, gadgets or other things they’re into. Think about giving them a monthly budget and putting them in charge.
Don’t just let them loose on internet banking, educate them about online security. Check out netsafe.org.nz
Bank on it
If you want to set your child up with a bank account, depending on the age of your child you may want to set up a savings and/or an everyday account. If they’re under 16 years old they’ll need to have a parent or guardian complete a one-off declaration to certify their tax residency before they can open a new account. You’ll need to make an appointment and come into a branch to open this account.
Financial literacy in school
We think it's important that all Kiwi kids are prepared for the financial world ahead, so we work with Banqer to help provide financial literacy lessons for free at schools throughout the country.
Banqer is an online tool that can be used in classrooms to create a complex and realistic virtual economy that students participate in. Find out more about Banqer and how you can get it in your child's class.