How to teach your kids about money

Keep it simple for 3 to 5-year-olds.

• From the time children are old enough to count, use jars or play games to help kids learn how to identify coins and count money.
• When you shop, occasionally give children small amounts of money to spend, and remind them that it's OK to save money rather than spend it.
• Around age 5, start giving children an allowance that they can keep in a piggy bank or other "safe" place, such as their Think savings account.
• Teach children about generosity by talking about donating to charities.

For ages 6 to 12, emphasize money management. 

• If you haven't already, open a savings account for your children to encourage long-term saving.
• At this stage, it's a good idea to give children a weekly allowance so they can gain money management experience.
• You may want to encourage them to divide their money into three categories: money for spending, saving and sharing.
• As your children get older, allow them to spend their own money on nonessentials and expensive items that don't fit your budget.
• Talk to them about smart shopping techniques: balancing wants vs. needs, comparing prices, clipping coupons and watching for sales.
• Encourage them to take on odd jobs, such as extra yard work or pet care, to earn extra money.

Encourage responsible habits for teens.

• Teenagers may be ready to earn some money outside the home, whether babysitting, mowing lawns or getting a first real job.
• As they start enjoying more financial resources, they will also need to assume increased responsibility. Allow teens to take on more nonessential expenses, and discuss their savings plans for long-term goals.
• Teens who have demonstrated maturity with their finances are probably ready for a checking account.
• Consider encouraging financially responsible older teens to use a debit card too, and if applicable, using direct deposit for their paychecks.