Parents should teach their kids about the value of money

Many of us will remember the days when we put our pocket money into a piggy bank in order to save for a new toy.

While lots of Aussies may think this is just a fun childhood tradition, it is actually teaching youngsters a really valuable lesson.

Author of Toddlers: An Instruction Manual Joanne Mallon said that getting your kids to put money aside for a rainy day is helping to drive home the importance of savings accounts.

She believes that learning about the value of money is absolutely crucial at a young age and this can stand you in very good stead once you move into adulthood.

"Encouraging them to save hard for a big item that they want can really help them to value what they get," she remarked.

Getting your offspring to do some jobs around the house in exchange for cash can also demonstrate to them that they have to work for their money.

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