Help make your kids ‘MoneySmart’ this Global Money Week

It’s Global Money Week, a worldwide celebration of money awareness that’s held on the second week of March every year (14th-20th March in 2016). The aim of the week is to instill good money habits and this year ASIC is honing in on Aussie children.  

ASIC has released a series of practical tips and resources to help both parents and teachers give young Australians the tools and motivation to make informed money decisions across all of financial literacy, including planning, spending, saving,donating and investing.

"As the Australian Government agency responsible for financial literacy, ASIC is keen for young Australians to develop sound financial habits and behaviours from an early age so they can better navigate financial decisions and challenges in adult life,” said ASIC Deputy Chairman, Peter Kell.

RELATED: How to give your kids the love of saving

The approach calls for parents to incorporate financial lessons into everyday life, for example, at the ATM explaining that the money must be earned, or budgeting and shopping around in the supermarket.

Kell said that ASIC data showed about 90% of 14-27 year olds owned a mobile phone, and suggested that discussing options for phone plans, including price comparisons and budget management, might be a good place for parents to start.

"In a rapidly changing world, with money increasingly invisible in many financial transactions, teaching children and young people about money matters will give them essential skills for life," he added.

Developing good saving habits is a great start to kids’ financial education, so here are Mozo’s top tips for motivating your kids to save:

  • Set a goal - small, achievable savings goals can keep kids focused by giving them a tangible outcome to strive toward.

  • Track their progress - lots of kids savings accounts come equipped with colourful graphs and fun tracking features to help kids watch their money grow. Not only will this let little savers see all their hard work paying off, but it will also give them a sense of responsibility for managing their own finances.

  • Reward good habits - hoarded pocketmoney may not amount to all that much, and it can be discouraging for kids to think they’re not getting anywhere when they save. A few well-timed parental contributions to reward consistent saving could boost your child’s bank balance and motivation.

Looking to start your kids on the road to financial responsibility? Check out our kids savings account comparison table to find the best place to start. For the bigger kids, head over to the Mozo student money section, and take a look at the anatomy of a student wallet

Savings account comparisons on Mozo - last updated 25 September 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Details
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Details
  • High Interest Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Details
  • Fast Track Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.05% p.a. (for $1 to $250,000)
    0.05% p.a.(for $1 and over)
    Yes up to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details
  • Online Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $500,000)
    0.35% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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