Open a bank account at age eight

Children should be taught about money from the moment they first start saying “I want ….”. They can handle bank accounts from the age of eight say financial planners. Children should be introduced to the basics of investing and saving from an early age.

“The earlier the better – three or four years old,” says Genysis financial planner Jacquie McCarthy. “They need to understand money doesn’t grow on trees.”

Children between the ages of 0 and 7 are in a super learning phase and learn about money and investing from watching their parents handle financial decisions.

Source: Your Money/Herald Sun