Saving skills for life

Keen that your child grows up to be a confident saver? We’ve put together some simple suggestions, for children of all ages, to help you teach valuable life skills and give them a solid foundation for their financial future.

Starting to save

Under 7s

Make saving fun! At this age it’s simply about helping them understand saving is something worth doing. Keep it playful, visual and consistent – and you’ll help them form a positive attitude towards saving that will grow with them.

Play with pretend money

Introduce play money, marbles or even grains of rice to make counting and basic sums a fun and tactile experience. Playing shop can also be a great way to grow a child’s vocabulary around saving and learn that money has different values.

Teach with a piggy bank

In our digital age there are still valuable lessons to be learned from a traditional savings jar or piggy bank. Seeing small change add up to savings over time is exciting – and teaches the valuable lesson that saving usually requires patience!

Use a reward chart

Discuss with your child that, for example, when they tidy their toys, brush their teeth well or get dressed independently, you’ll add a sticker to their chart. When they have enough stickers, give them a nice reward. This helps them understand the idea of saving up to get something they want.

Building their confidence

Ages 7-12

Now your child’s a bit older, they’re ready to learn that saving is a conscious choice – and you can help them practise making it.

Be a savings role model

Kids pick up behaviours and attitudes from adults around them. Try talking about your own saving in simple terms like, ‘I’m saving up for our holiday!’ or ‘I’d love to get the latest phone, but the one I have works perfectly well.’

Introduce pocket money

Give them chances to earn ‘income’ by doing tasks beyond their everyday chores – things like washing the car or vacuuming the stairs. And remind them they can choose to save that money for something they really want, rather than spend it straight away.

Use the save or spend system

Help them divide their pocket money into two jars: one for saving and one for spending. Try to resist encouraging them to save everything – give them the freedom to spend what’s in their ‘spend jar’. This will give them a sense of control.

Developing their independence

Ages 13+

Now they’re a bit older, you want your child to become a savvy saver. Here are some ways you can help them think critically about money and the ideas they may be exposed to via friends and social media.

Encourage a savings goal

Games console? New clothes? Concert tickets? Let them decide what they want to save for, then help them break it up into a monthly savings plan, with them in charge and taking the lead. This will give them some independence and teach them about budgeting.

Introduce slow spending

Before they buy something, suggest they wait a day before deciding if they really want it. This pause may lead them to save rather than spend – teaching them to question impulse purchases.

Discuss peer pressure

As your teen gets older, the social pressure to spend will likely ramp up. Whether it’s getting the latest phone or going out socialising, help them understand how to balance their spending with saving for bigger goals, like a holiday or driving lessons.

Use social media to spark conversations

Social media is full of aspirational content – like enviable experiences and trending tech. If your child expresses an interest in something they’ve seen online, use it as an opportunity to get them thinking critically about money and what they really want to spend it on or save for.

Find out more about saving with NS&I

NS&I offers multiple ways to support children, including our tax-free Junior ISA – where you can save from £1. You can also save for your child with Premium Bonds or gift them to any child under 16, from £25, and share the excitement of checking the prize draw together each month!