Millions of children will be back to school today, and Mariné Van Brakel, the deputy CEO at RCS, a financial services provider, has some vital financial lessons for children at different stages of their lives.

As children return to school, parents can utilise age-specific strategies to teach valuable financial lessons and promote long-term fiscal responsibility.

Van Brakel noted that instilling the importance of saving in children from a young age can lay the foundation for a lifetime of responsible financial management.

Here’s how parents can adapt financial lessons to their child’s age group:

3 – 5 years - Save coins in a money box

Van Brakel noted that money boxes make saving a fun and tangible experience for pre-schoolers. “Let them drop the coins into the box, celebrating each addition by shaking it so they can hear the jingle of their progress,” she said. This easy, hands-on activity introduces the concept of saving and helps young children build patience and a sense of achievement.

6 – 8 years - Create a visual savings goal chart

Younger school children benefit from seeing their savings journey come to life, according to Van Brakel. “Create a colourful savings chart with your child, breaking their goal into manageable steps. Add pictures of what they’re saving for, such as a toy or book, and celebrate each milestone they reach,” she noted. This visual approach will reinforce the idea that small efforts can lead to big rewards.

9 – 11 years - Open a savings account

Van Brakel believes that tweens are ready for their first bank account, which can help them develop independence and responsibility.

“Walk them through the process of opening an account and explain how interest works to grow their savings over time. Encourage them to deposit money earned from chores, gifts, or allowances to see the value of consistent saving,” she said.

12 – 14 years: Start simple budgeting

As pre-teens begin to earn and manage their own money, establishing a basic budget can serve as a valuable introduction to financial responsibility. “Work together to list their income, such as allowance or birthday money, and their expenses, like hobbies or snacks. Use a colourful chart or an app designed for their age to make budgeting an interactive and rewarding experience,” Van Brakel advised.

15 – 18 years - Understanding credit management

Introducing teenagers to more advanced financial skills can set them up for financial success in adulthood, Van Brakel noted. “Start by explaining the basics of how credit works, including credit scores, interest rates, and the importance of building a good credit history.”

Lastly, she said that parents can even show their kids their own credit or account card statements and explain how to read them. “Discussing the importance of paying balances in full can set the stage for responsible financial behaviour in adulthood,” she emphasised.

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