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 14 May 2022

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Life - 18-29 years old
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.00% p.a. (for $0 to $30,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

    Earn up to a generous 2.00% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.

    Details
  • Mozo Expert Choice Badge
    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.00% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.00%. 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 high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 31/05/22. Offer criteria & T&Cs apply).

    Details
  • Mozo Expert Choice Badge
    Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.95% p.a.(for $0 to $250,000)
    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Introductory variable rate of 1.35% for first 4 months (on deposits up to $250,000). Ongoing variable rate from 0.95%. No account keeping fees to pay. Multiple 2022 Mozo Experts Choice Award winner.

    Details
  • Mozo Expert Choice Badge
    AMP Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Minimum deposit of at least $250 in the previous month.

    An ongoing total variable bonus rate of up to 1.35% per annum will apply each month if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^

    Details
  • Mozo Expert Choice Badge
    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.35%. Deposit $2,000 each month, make 5 eligible payments from your Go Account and enable the Lock Saver feature. If you are between 18 and 25 deposit $1,000. 32 days notice for withdrawal and T&C's apply.

    Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 10/4/22. Offer criteria & T&Cs apply).

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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