How you can teach children about money

Why it's important to talk

Talking to children about money helps them develop a positive relationship with money and equip them with the skills they’ll need to make smart financial decisions for the rest of their lives. 

You can start teaching them important money habits such as budgeting, saving and responsible spending from an early age. 

Benefits of talking about money

Research by the Money & Pensions Service has shown that people who talk about money:

  • Make better financial decisions.
  • Have stronger relationships.
  • Feel more in control.

Helping children understand how money works

Three-to-six years old

It’s never too early to start teaching children about money. As children start school, they will be picking up financial habits from their parents.

3 to 6 years

Seven-to-eight years old

At this age, children want to make more of their own decisions about saving and spending.

7 to 8 years

Nine-to-10 years old

As children progress through primary school, they will start picking up on popular trends and advertising designed to affect their spending.

9 to 10 years

11-to-13 years old

Starting secondary school is a big step. Children will be getting more interested in money and making decisions that could affect their future choices.

11 to 13 years

14-to-16 years old

Teenagers are often keen to become more independent and learn to manage their own money.

14 to 16 years

Related information

Talking to children about money

Help children understand how money works and develop the skills they need.

The benefits of talking about money

Should I give my child pocket money?

Giving pocket money can teach children how to save, earn and make spending choices.

Different ways to give pocket money

Choosing a bank account for your child

Opening a bank account can help children get used to the world of money.

Compare our child accounts

Further support

Money management

Our tips and tools can help you manage your bills and credit, while helping you save and feel better about your finances.

Money worries

If you are struggling with your finances, or worried about the increased cost of living, you are not alone. We are here to help you get back on track.

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.