Talking to your kids about money – tips from a mum

Boost your kids savings with The Capricornian’s award winning Youth Access Account.

Pride and amusement came across my face as I watched my 4 year old unpacking his Kindergarten backpack recently. He pulled out some papers he’d taken to share with his Kindy friends and unfolded them ever so carefully, to reveal his bank statement from The Capricornian that he’d received in the mail the day earlier.

“This is mine Mummy, it has my name on it and tells me how much money I have”, he declared, with a great sense of ownership.

Hello, my name is Natalie, Head of Projects and Information Technology at The Capricornian and Mum of two boys, Jordan, 6 and Connor, 4.

Teaching kids all about money, provides them with essential life skills and as someone who works for The Capricornian and also a parent, I get to see first-hand the benefits of providing products and tools that help kids and teens learn to save and how to use a bank account.

In some exciting news, The Capricornian was recently recognised by CANSTAR, as an Outstanding Value Junior & Youth Banking Provider in 2022, for our Youth Access Account.

This is a significant achievement in today’s competitive banking environment and we’re honoured to provide such a beneficial product to our young customers.

My kids have had one of these bank accounts since they were born and it’s teaching them how to save money for the things they want in the future. At the age of 3, Jordan decided he wanted a red sports car when he got older, so that’s what he’s saving for, just a little way to go buddy!

The Capricornian’s Youth Access Account has been designed to establish smart banking habits and savings goals and is available for newborns through to 16 year olds. This bank account offers;

  • the ability to earn interest to help boost your kids savings
  • no monthly fees or minimum balance requirements and
  • access to money via branch and online channels as well as Visa Debit card*.

Our relatives often gift the kid’s money for their Birthday and Christmas and we encourage Jordan and Connor to put some away in the bank. We have also setup a $10 contribution from our bank account to theirs, each week and this certainly adds up over time. Then of course is the pocket money earned by helping out with tasks at home and the kids like to put their coins straight into their old-school piggy banks.

Talking about money with your kids

As a parent, you can help to form the relationship your kids have with money.

Once our boys were old enough to understand, we started taking the time to explain about money. We bring it up in every day conversations and answer any questions they have. They now have a pretty good idea of what certain things cost and that Mum and Dad go to work to earn money that pays for the things we need, like groceries and those we enjoy, like going on holiday.

Today we have a fantastic mix of physical and digital banking options, which can make it hard when explaining to a 6 year old that money isn’t limitless. “No Jordan, we can’t just keep swiping the Visa Debit Card and no the hole in the wall (ATM), won’t keep spitting out money if we run out, “ but wouldn’t that be nice?!……

It’s amazing how quickly they’ve learnt about the cost of things and which of those things Mum is more likely to say yes to. The latest and greatest Nerf gun or action figure is likely to end up on the birthday wish list, but they know a cheeky lollipop or warm cinnamon donut might not be out of the question.

Try to have fun with your conversations about money and banking and keep a look out for the many great resources out there to help parents and kids. The Government’s Moneysmart website provides some excellent tools.

Of course, The Capricornian can help too! You can contact our wonderful team in our Contact Centre on 1300 314 900 or email info@capricornian.com.au and find more information about the Youth Access Account via our website.

For accounts opened for a child under 12 years of age, a parent or guardian may be authorised to operate (ATO) on the account. *Visa Debit Card available only to the account holder on reaching the age of 12 years. The Youth Access Account can be linked to parent’s or guardian’s online banking.

Until full access to the account is given to the child, TCL will only accept and act on the instructions of the adult authorised to operate.

Once the child turns 12 a new notice of authority may be completed by the adult to record the specimen signature of the child and update the adult’s new mandate to the child. When the child turns 16, they may request full access to the account without the parent/guardian’s consent.


Disclaimer: Please note this information does not take into account your personal circumstances and is general advice only. Before opening any Capricornian account, please read the Conditions of Use and decide if the account is right for you. Interest rates are subject to change without notice and should be verified with your local Capricornian Branch.

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