Thinking it is never to early to learn how to manage your money, we opened a children's bank account for daughter shortly after she was born. Any odd money she was given by aunts, uncles, etc we put in the account. Now she has a money box and husband puts 10p per week in it to encourage her to save.
Last week I asked her if she would like to pay some of the money into her bank account. Ooo yes! This was very exciting. She put some money in her little pink purse, in her silver handbag and we set off to the bank.
She handed over her pennies and her passbook to the cashier who did the necessary. Then I picked up the passbook and said, " Right let's go". I didn't anticpate the next bit:
"Where's my money. She's got my money. I want my money back. What if I want to buy toys? I WANT MY MONEY!"
I don't think I explained the concept of savings accounts properly, did I?