At what age should my child get their first bank account?

There's no single right age, but you may want to get your child their first bank account once they start receiving an allowance or earning money. That being said, many Canadian banks offer youth accounts for children of any age, but some require children to be at least 12.

How can I use allowance to teach budgeting?

Sit down with your child and encourage them to divide their allowance into categories like spending, saving and giving. Create savings goals with them, like saving for a new video game or toy, and work together to decide how much money should go toward each category.

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Michael Benninger

Staff writer

Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey.