Start a savings account. Most children can comprehend the need for savings by age ten. Remember that children are naturally impulsive. In this age of advertising bombardment, children have a tendency to be impulsive spenders. Encourage your child to save a certain percentage of allowance.
Some parents match savings.
Start a checking account. You want them to learn how to manage these tools while you are still around to keep things from getting out of control. Set financial goals. Discuss plans for paying for college. Have your High School students research scholarship and aid programs.