Children's bank accounts - from Christmas gifts to confirmation earnings, here's how to help your children manage their money

"January often sees children have more money in their pockets than usual, so we asked parents how they manage cash with kids Financially, being a teenager is an exciting time. You might have your first part-time job, or a bit of cash from babysitting. You're likely to have your first experience of shopping, buying cinema tickets, or going for meals with friends."

"Christmas, too, can be a prosperous time, as kind aunts and uncles and grandparents press crisp notes into small hands. For 2nd and 6th class students around the country, upcoming communions and confirmations may mean that their money cups doth runneth over for the first time. It begs the question: where should the money go?"

Teenagers often gain money from first part-time jobs or babysitting, enabling independent spending on cinema, meals, and shopping. Holiday occasions such as Christmas, communions, and confirmations frequently add cash gifts from relatives. Many children may suddenly have substantial pocket money, prompting choices about spending, saving, and allocation. Approaches include setting spending limits, opening savings accounts, encouraging charity donations, using apps or banks for tracking, offering matched savings, and teaching budgeting and responsible decision-making. Age-appropriate supervision and clear rules help channel funds toward long-term goals while allowing small discretionary purchases.

Read at Independent