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 3 December 2023
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Mozo experts choice awards won:
- High Interest Savings - 2023
AMP Saver Account
5.20% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2023 Mozo Experts Choice Award winner.
CompareCompareAMP Saver Account
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.20% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 5.20% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.20% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
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Mozo experts choice awards won:
- No Strings Savings - 2023
Savings Account
5.50% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.50% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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AMP Cash Manager
No Current Offer
4.80% p.a.(for $10,000 to $250,000)
Yes up to $250,000
Earn up to 4.60% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
CompareCompareAMP Cash Manager
Earn up to 4.60% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.80% p.a.(for $10,000 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
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Mozo experts choice awards won:
- Kick Start Savings - 2023
- No Strings Savings - 2023
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
^See information about the Mozo Experts Choice Savings Account Awards
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