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How to make talking to children about saving simple

Sadly, one thing many of us lack when it comes to money is confidence – in fact, only 30% of Brits feel confident managing their finances (Moneybox, 2024). Thankfully, talking to children about saving and spending doesn’t need to be complicated – in fact, it can be straightforward, and dare we say it, fun! 

Here’s Newbury Building Society’s advice on how to get started.

Children learning about saving

First things first: if they don’t have one already, research and open a suitable savings account for your child, whether online or in-person. There are lots of great resources online for comparing accounts, or you could visit your local building society and speak to a savings adviser – they’ll be able to help you pinpoint the right account for your circumstances and goals.

Once you’ve got a place to save, involve your child in the process, particularly if you can visit a branch! Sitting in a banking hall and handing the money over themselves to be paid in (and watching the numbers grow over time!) can be really motivating for young people, as well as making them feel very grown up.

“I always encourage my children to put their money into their savings accounts and use their passbooks. When they receive money, they always say they want to save it because they’re excited to see the number on their passbook get bigger.”  Luke, Head of Direct Sales

With a new digital savings tool or banking app popping up almost daily, piggy banks might seem like an ancient relic. However, their power as a tool to visualise saving shouldn’t be underestimated. Saving in this way has more than one benefit – not only does it allow children to nurture a savings habit through seeing their pennies increasing over time, but it helps build confidence with different denominations of coins and notes. 

Special occasions, like birthdays and holidays, offer great opportunities to talk to children about saving (or spending) any money they might have received as gifts. But don’t forget, everyday life provides a goldmine of learning opportunities, too. Food shopping, playing board games, and pocket money all offer different ways to contextualise and explore money in a fun and uncomplicated way. 

“When buying presents for friends or family, give your child a budget to work to. Guide them but let them do the shopping – they’ll need to consider prices and what they can get for their money. Often, their ideas are way above the budget, so rather than say it’s too expensive, take them to a shop and ask them to check the tag. They are usually surprised!”  Melanie, Director of Customer Service

By weaving money conversations and experiences into our children’s day-to-day lives, we can support them to build a lifelong savings habit and feel able to tackle their finances as they grow up. For more information on how Newbury Building Society empower young people to developing financial skills for life, visit: