Managing your money

Teaching kids about money

Money doesn't grow on trees

It's what our parents always told us, but for many children, the financial wisdom often stops there. 

In a 2019 survey conducted by the Money and Pensions Service, less than half (48%) of children and young people recall receiving financial education at home or at school. 

We want to help teach kids about money and make sure financial capability starts at a young age.

How to teach kids about money

Teaching children about money helps them to prepare for life in the real world. Managing money is a vital life skill and if kids develop this from a young age, it will help them in adult life. Our tips can help you teach your kids about money.

  1. 01

    Start talking to your kids about money

    Talking to your kids about money, and involving them in financial decision-making will help build their confidence in the subject. It shouldn't just be a one-off event, but a part of day-in, day-out conversation.

    You can start talking to your children from as young as 3 as they become more curious about the world around them.

    Try talking to them about different coins, notes and cards

    Help them understand that things cost different amounts of money

    Teach them the importance of keeping money safe so you don't lose it.

  2. 02

    Show them how it's done

    Children learn by watching and imitating those around them. By showing them how to manage and handle money we set them up for a more confident and healthy relationship with money when they grow up. 

    You could try taking them food shopping with you (or sitting next to you if you do it online) to see how much things cost.

  3. 03

    Let them have a go

    As they start to better understand what money is being used for, it's important that kids start having a go themselves, rather than just watching you do all the hard work.

    When you're out and about, you could let them pay for the things they want to buy. They could even count out the right money. 

  4. 04

    Let them earn some money

    Sometimes, (or a lot of the time) it can feel like kids are oblivious to money. As they become more familiar with money, they start to see the benefit of making some of their own.

    There are lots of ways for kids to make money. You could let them help out around the house, babysit or collect the groceries for family or neighbours, or even sell some of their unwanted toys, clothes and games online (with parental supervision of course).

  5. 05

    Let them manage their money

    As they get older, showing trust in their ability to manage their own money will build confidence. 

    For younger kids, get them a piggy bank to teach them about keeping money safe

    As they grow, start giving them pocket money, or even get them set up with a bank account of their own

    Give them the opportunity to earn more by doing chores around the house

Banking for kids

Whether you want to encourage saving habits at an early age, or give them their independence, we can help with our range of kids accounts.

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Specific account eligibility criteria applies.

Open a child and teen bank account

Apply and open online

Adapt account (11-17 year olds)

  • Opening a current account is an important step towards independence for any child. The Adapt account means you can give them their first taste of managing their own money safely and securely. 

Rooster Money (3-17 year olds)

  • A current account is a big responsibility. So if your child's not quite ready for that yet, you can still get them started with NatWest Rooster Money. That way, they could hit all the key milestones on their journey to financial confidence, with your guidance. 
  • Our Rooster card subscription offer is now free for Royal Bank customers with kids aged 6-17. 

T&Cs apply (PDF, 100KB). Eligibility criteria apply. Card offer includes up to three cards, other fees may apply. Fees apply for non Royal Bank personal customers. 

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Find out how we can help get kids into the savings habit with a range of tools available in the mobile app.

The app that's full of features

Our App is available to personal and business banking customers aged 11+ using compatible iOS and Android devices. You'll need a UK or international mobile number in specific countries.

Save your spare cash with Round Ups

Saving as easy as spending

Let us do the hard work for you. When you pay with your debit card, the amount will be rounded up to the nearest pound, sending the spare change straight into your savings account.

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Set up a savings goal

Now everyone can win at saving

Just tap in how much you need to save and by when and our Savings Goal Tool will tell you what you need to save each month to get there. Following a plan can make such a big difference.

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Spending and Budget Tracker

Wondering where your money's gone?

Spending can help you to categorise your spend, surface personalised insights, and even let you set budgets to help keep you on track.

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