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  • Emily Friday

How to Talk to Children About Money | Part Two

Last month, we shared the first part of our 4-part series on simple money concepts you can introduce to your children between the ages of 5 and 7.

When teaching kids about money, it's important to choose an approach that will not only be relevant to them but also be easy for them to grasp based on their current age.

With a shocking 69% of parents feeling some reluctance when it comes to talking about money with their children, this series will aim to help reduce this statistic with some easy money conversation starters.

In the second part of this series, we’ll be sharing four age-appropriate money conversation starters to have with your children aged 8-12.

Here are 4 money concepts to help jump-start this conversation:

1) Opening a Bank Account

Whilst most banks only allow a child to set up a bank account once they turn 16, there are options for those wanting to help their child open a bank account before their 16th birthday.

For example, Lloyds Bank offers an under 19’s account to help children and teens make the most of their money, and those between the ages of 11 and 17 can apply. However, those aged 11-12 can only apply in branch and must bring along a parent or guardian.

Opening a children’s savings account is also a great introduction to helping them learn the value of saving their own money. Check out this article from Money Saving Expert for the best children’s savings accounts.

*Did you know that there’s no need for your child to already have a bank account to use the ImageNPay app? Available now for ages 8+, your child can use their very own digital card to spend money whilst giving you peace of mind & full control. Click here to find out more.

2) Saving up for a (reasonable!) item

Now that your child is a little older, you may find that they’re wanting to spend their money on more expensive items. Instead of saving up to buy a small gift for a friend or sibling, now is a good time to teach them how to save up for something that will take more time e.g. a games console or new TV for their bedroom.

As long as the item in question is reasonable (e.g. not an elaborate streaming set-up worth thousands!) you help them decide how much they can set aside each month to save up for this item in their wishlist, with a realistic timeline.

This concept should also help them learn the value of delayed gratification whilst giving them a money goal to work towards.

3) Earning an Allowance for Chores

In the last part of our series, one of the concepts we mentioned was allowing your children to earn coins for small chores around the house.

Now that they’re approaching their teens, they can begin to earn an allowance for helping out with chores more regularly. And, if they have a bank account or ImageNPlay card, you can transfer the money to them directly so that it’s safe and secure - and also view where they’re spending it!

Whether it’s helping out with a DIY project on the house or taking the family dog out for a walk after school, allow them to take on responsibility for some of the bigger chores around the household.

Again, encouraging your children to learn the value of hard work in exchange for money will not only help prepare them for the adult world but also teach them that time = money.

4) Shopping with a List and Budget

The last concept to teach to your children in the 8-12 age bracket is to simply take them shopping with a list and budget.

Whether they accompany you to your weekly grocery shop or you bring them along to pick out school supplies for the new term, this experience will help them understand that money is not limitless and decisions have to be made before picking up items and throwing them in the basket!

Have your child help tick off items on the list as you go, and get them involved in the decision-making process when something doesn’t quite align with the budget. The more they’re involved, the better!

As your child approaches their teen years, they’ll be able to start learning more about the various concepts of money management and financial education: including borrowing, income, and wants vs. needs.

You can find this info in the next part of our series, where we’ll be sharing age-appropriate money conversations you can have with your kids aged between 13 and 15.

Stay tuned for Part 3 coming in May 2022!


If you’re a parent looking to teach your kids the value of money and help them develop healthy money habits, the ImageNPay Digital Prepaid Card app could help.

With our new “ImageNPlay” features, you can add up to 3 separate cards for your kids which you can use to transfer money, monitor their spending, and make money a fun-learning experience with colourful card designs and moving images!

To find out more and download FREE for iOS or Android, just tap the button below.

You can also visit our FAQs page for all you need to know about how our app works and the benefits for kids and parents.


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