6 Tips to Raise Financially-Savvy Kids

*This is a collaborative guest post

If you’re a parent, you’d likely do anything to ensure that your child has a bright and secure future. And while being good with money isn’t taught in schools, it is undoubtedly one of the most important skills a young person can learn. What’s more, the earlier they start, the better. This is especially important to us now that Harry is moving into Secondary School and will manage his own mini-budget and lunch money. The fact that he spent £6 on his transition day does not bode well! 

In this blog post, I chatted to Maths-Whizz about the ways that we as parents can introduce maths and arithmetic to children in a way that makes them financially savvy and on the path to financial independence. Here are their tips:

1 – Start them early 
Toddlers and early-years children are always naturally inquisitive about what we’re doing as parents, and that includes the relatively menial stuff. Involve them in everyday arithmetic when doing the shopping and verbalise the arithmetic that you’re doing day-to-day. When they’re learning, they can also use educational maths tools like Maths-Whizz to learn arithmetic in a simple way. 

2 – Play with money
Little ones love to pretend, so why not build money into the games you play with your kids? Start your own ‘shop’ or ‘restaurant’ from the comfort of your living room and introduce the concept of paying for goods, all while building crucial adding and subtracting skills. 

3 – Encourage saving - and giving
Of course, money isn’t just for spending. It’s important to show children that money can be saved or given away. Introducing the concept of saving or giving a percentage of their ‘income’ not only shows them the moral importance of money, but also leads you onto more advanced mathematic concepts, like interest. 
Why not promise to add your own ‘interest’ to any savings that they make, just as a bank would? This helps them calculate for the future and incentivises long-term thinking. 

4 – Set up a savings account
Aside from their ‘day-to-day’ savings, you should also be open about any savings accounts that are held in your child’s name. They can see first-hand where money is going, again understand the real-world value of interest, and calculate how long they will take to reach specific amounts. 
Away from their education, these savings will give them a lump sum to invest or use when they reach adulthood. 

5 – Allow the mistakes
Giving pocket money is a really effective way to introduce financial independence.
This independence is important because it encourages them to perform calculations as they save for a ‘bigger’ purchase such as a bike, a football shirt or a computer game. Crucially, it also gives a safe space for mistakes to happen. Letting them learn about whether the item they bought was worth the money, and the true value of things, is one of life’s most important lessons. 

6 – Talk about it
Money shouldn’t be the centre of all conversations, but we shouldn’t ignore it either. Encourage your children to plan for their money, or if they have just received a decent-sized lump sum (for instance after a birthday), chat to them about what they are going to do with it. 
If you have any purchases in your mind that you are saving for (such as a holiday or a new car), talk to them about it. They don’t necessarily need to know the specific numbers, but they will appreciate being involved and can once again apply mathematical concepts to real life. 

For more information about Maths-Whizz, take a look at how their educational maths games help children to develop arithmetic skills. 


  1. This is a great idea, I wish I had some financial advise as a kid.

    It's such a good idea to get kids into the habit of saving and thinking about their money. I thought it grew on trees till I was a teen, haha!

    Katie xoxo

    1. They should 1000% make it part of the school curriculum shouldn't they x


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