Teach your children about the importance of saving
Parents should look to teach their children about the value of money and the importance of saving at the earliest age possible.
According to Peter Cuzner, a financial literacy expert with the Australian Securities and Investments Commission, kids need to have some idea about finances even before they start school, National Features reports.
With society becoming increasingly digitised, money is less visible and there is a danger that youngsters will not realise what their cash is worth.
Parents can set up savings accounts for their little ones and then teach them how much they need to put aside in order to reach their target.
"Pocket money is a great way to teach children that money has to be earned [and] that it doesn't magically appear from an ATM," Mr Cuzner was quoted as saying.
A lot of Aussies have been finding it hard to put any cash aside because of the high cost of living.
However, it seems we are getting a little better at building a nest egg, as the Australian Bureau of Statistics revealed earlier this month that people are saving more money than it originally thought, Reuters reported.
Have a question about savings accounts? Ask the money gurus at Mozo Answers.