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Children and Money

money box

The ability to manage money is an important life skill. You can start introducing the idea of money before children start school, and continue to build on this and develop their understanding as they get older.

Action for Children have some great ideas for ways to talk to your children about money and help them learn through play and daily activities.

Money Helper also have guide, for different age groups, from 3 years to 18, to help you think about what to say and how much they will be able to understand.

HMRC have produced a series of useful videos and information packs to help children and young people aged 8-17 understand tax. You can find the full playlist of videos on YouTube and download the Tax facts learning packs from the government website.

You might also want to consider setting up a bank account or savings account for your child. You can find out more about interest on savings for children and Junior Individual Savings Accounts (ISA) on the government website.

Money Saving Expert has a guide to help you find the top children’s saving accounts as well as the top junior ISAs.