'Important' to teach children about savings accounts

The importance of teaching children about finances, including savings accounts, has been highlighted by industry experts.

Not only should children learn how to save, but they should also be taught how to spend.

This is according to economic journalist David Koch and his wife Libby, writing in news.com.au.

Observing their parents is one of the fundamental ways a child learns, so the couple advises leading by example.

In addition, explanations over the family finances should be offered so that they have a good grasp of household expenditure.

While out shopping, mothers and fathers should be sure to look around for the best deal so that youngsters become savvy consumers and pick up good spending habits while young.

The pair stated: "We teach them good manners and healthy eating habits, but how many teach their kids about money matters?"

It was recently asserted by the couple that cutting down is now sexier than spending, which could have potentially inspired people to look for high interest savings.

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