Teaching Kids About Money in Australia: Age-by-Age Guide for Parents

At this age, money is a physical, tangible thing. The goal isn't abstract financial literacy - it's just familiarising children with the concept that things cost something and money is how we exchange value.

What works:

• Introduce real coins: Australian coins are great for this. Let kids sort them, count them, and handle them. Explain that the $1 coin is worth more than the 10c coin even though size can be misleading.
• Play shop: Set up a toy shop at home with price tags. Let your child be both shopkeeper and customer. This builds numeracy and introduces the exchange concept naturally.
• Delay small gratifications: When a child wants something in a shop, resist buying it immediately. Explain that you need to save up first. Even a two-day wait builds the concept that purchases require planning.

The key at this stage is normalisation - money is just part of how the world works, not something secretive or stressful.

This is the prime window for establishing money habits that stick into adulthood.

Pocket money systems:

• A chores-based system links earning to effort - kids do specific tasks for specific amounts. This reflects how adult work and income function.
• An unconditional allowance gives children a fixed amount regardless of chores, teaching them to budget what they have. Both approaches have merit; many families combine them.
• Suggested amounts: $5–$10/week for primary schoolers is common in Australia, scaling with age and family circumstances.

The three-jar system: Divide pocket money into three jars: Spend, Save, and Give. The proportions are up to your family (a 60/30/10 split is a common starting point). The Give jar introduces charitable thinking - let your child choose where it goes.

Best Australian kids savings accounts:

• CommBank Youthsaver: No fees, good interest rate for under-18s, integrates with the CommBank app which kids can use with parental oversight
• ING Kids Saver: Competitive interest rate, requires a linked ING account
• BankFirst Youth Saver: Available online, no monthly fees, designed for young savers

Opening an account with your child - and reviewing the balance together - makes saving feel real and rewarding.

Teenagers encounter new money pressures: social spending, in-app purchases, and peer comparison. This is the age to build discernment.

Teen debit cards:

• CommBank Youth Account (formerly Dollarmites, evolved for older kids): Debit card with app access, transaction visibility for parents
• ANZ First Account: Designed for under-18s, no monthly fees, full debit card functionality
• Spriggy: A pocket money app with prepaid debit card, built for Australian families - parents load money, kids spend, parents monitor

The card itself is the lesson. Let your child manage their own spending within limits, and when the money runs out, it runs out. Resist topping it up before the next scheduled payment.

Understanding wants vs needs: Walk through your household budget in age-appropriate terms. Show them rent/mortgage, groceries, electricity, and then discretionary spending. Helping them categorise their own expenses (needs vs wants) builds a skill that lasts a lifetime.

Online money safety: Teach them to never share card details in games or with "friends" online, how to recognise phishing, and that legitimate services never ask for payment via gift cards.

By this stage, kids can handle real financial concepts - and they'll need them soon.

First job essentials:

• Apply for a Tax File Number (TFN) at the ATO website before starting work. Without one, employers withhold tax at the highest rate.
• Understand the tax-free threshold ($18,200/year) and how to claim it on the tax declaration form from your employer.
• Understand superannuation: employers must pay 11.5% super on top of your wages (2026 rate). Choose a fund - or your employer assigns a default. It matters more than it seems at 16.

Introducing investing:

• Explain what a share is using a company your teen recognises (Woolworths, JB Hi-Fi, Apple)
• Introduce ETFs (Exchange Traded Funds) as diversified baskets of shares - simpler and safer for beginners than picking individual stocks
• Platforms like Raiz and Pearler let young Australians start investing with small amounts

School cost budgeting: Involve teens in planning for their own expenses - excursions, formal, school shoes, extra equipment. Giving them ownership of a portion of these costs builds budgeting instincts.

One of the most transferable money skills is evaluating whether something pays for itself. Roopon's family membership is a practical, living example: it's a regular monthly commitment that returns value through partner discounts and access to a genuine prize draw - cash or other prizes in the active campaign terms, drawn per published campaign terms. See roopon.com/giveaways. Seeing parents choose memberships that actually deliver measurable return teaches kids that not all spending is equal. Some expenses are investments. Teaching them to distinguish the two is half the financial literacy battle.