{"id":580859,"date":"2026-11-13T12:57:09","date_gmt":"2026-11-13T12:57:09","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=580859"},"modified":"2026-11-13T12:57:09","modified_gmt":"2026-11-13T12:57:09","slug":"how-to-teach-children-manage-money","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/banking\/childrens-banking\/how-to-teach-children-manage-money","title":{"rendered":"How to teach children & teenagers to budget and manage money responsibly"},"content":{"rendered":"

Teaching your children about money isn’t always easy. Research suggests that many children don’t feel they’re getting useful financial education at school, which means parents have an important role to play too.<\/p>

Financial education will become compulsory for primary school pupils in England from September 2028. But children also need opportunities to put what they learn into practice. <\/p>

One way to do this is to give your child their own bank account, so they can start managing their own money and learn about spending, saving and budgeting. <\/p>

What types of kids’ accounts are available? <\/h3>

When comparing options for your child, you’ll come across both traditional bank accounts and prepaid kids’ debit cards. <\/p>

Children’s bank accounts work in much the same way as adults’ current accounts, but without an overdraft facility. They can usually be opened from the age of 11 and many accounts, including the NatWest Adapt account<\/a>, have no monthly fee. <\/p>

Your child will be given a debit card they can use to pay for items and withdraw cash from an ATM. Some kids’ bank accounts, including the NatWest Adapt account, TSB Under 19s account and Santander 123 Mini account, also pay interest on the balance. <\/p>

A prepaid debit card, on the other hand, can often be opened for younger children, with some available from age 6. <\/p>

They work slightly differently to standard bank accounts as you’ll need to load funds onto the card in advance, meaning your child can only spend what’s available. This can be useful for helping them learn to budget. Your child can usually use their card for purchases and cash withdrawals, although fees and features vary between providers. <\/p>

How a children’s banking app can help with budgeting<\/h3>

Depending on the account or card you choose, your child might have access to an app where they can manage their money. It might include features such as:<\/p>

Pocket money<\/h4>

Many accounts let you set up a weekly or monthly payment, making it easier to transfer pocket money directly to your child rather than handing over cash.<\/p>

Spending tracking<\/h4>

Many banking apps allow your child to track exactly what they’ve spent where, helping them learn how to manage their money. Some will also send notifications each time a purchase is made.<\/p>

Spending categories<\/h4>

Some banking apps automatically categorise spending, making it easier to see how much is going on things such as entertainment and shopping. <\/p>

Savings pots<\/h4>

Your child might also have access to savings pots where they can set aside cash to save for something they want, like a video game or new Lego set. <\/p>

Setting up parental boundaries<\/h3>

As a parent, you might be worried about giving your child more financial freedom. But some children’s accounts and apps let you put controls in place to keep their spending in check. For example:<\/p>