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 - rates updated daily
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.20% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Bonus 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.
Bonus Saver Account
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
Serious Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
0.30% p.a. (for $0 to $1,000,000)0.15% p.a.(for $0 and over)Yes up to $250,000No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*
$0 monthly account fee. Link to any Australian bank account.
Serious Saver
$0 monthly account fee. Link to any Australian bank account.
- account fee per month
- $0.00
- Maximum rate conditions
- No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Serious Saver
Hero Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
0.80% p.a. (for $0 to $250,001)0.01% p.a.(for $0 to $5,000,000)Yes up to $250,000Minimum deposit of $200 and no withdrawals in the month.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
Hero Saver
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
- account fee per month
- $0.00
- Maximum rate conditions
- Minimum deposit of $200 and no withdrawals in the month.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Hero Saver
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 $250,000Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
Online Saver
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account.
Read our Mozo Review to learn more about the Online Saver
Flexi Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
0.25% p.a. (for $0 to $5,000,000)0.05% p.a.(for $0 to $5,000,000)Yes up to $250,000Increase balance by at least $300 in the month
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
Flexi Saver
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
- account fee per month
- $0.00
- Maximum rate conditions
- Increase balance by at least $300 in the month (excluding interest)
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
Read our Mozo Review to learn more about the Flexi Saver
^See information about the Mozo Experts Choice Savings Accounts Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.