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 28 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

  • Savings Account

    5.35% 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.

  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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    AMP Saver Account

    5.40% 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. 2024 Mozo Experts Choice Award winner.

  • 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.


^See information about the Mozo Experts Choice Savings Account Awards

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