Greater research has recently shown that Australian kids on average receive $15 pocket money per week, and that given the right option, they’d be comfortable taking advantage of a high interest savings account with a bank.
So, in order to give our customer’s kids a head start when it comes to their savings, The Greater launched its Life Saver Account, designed to encourage positive savings habits.
The account pays a high rate of interest as long as the balance grows each month, and provides the option of transaction-fee-free banking via a linked Everyday Account.
So that we could continue to foster the ongoing financial education of those under 25, The Greater recently asked our Facebook community to share their best savings tip for kids, to go into the draw to win a $100 Life Saver Account.
Our winner was Greater Casino customer Amanda Gill. Amanda offered up her best pearl of savings wisdom below:
Always have a savings goal and look at the big picture. Match their savings dollar for dollar
- Amanda Gill
When asked what winning the Greater’s Life Saver Account meant to her, Amanda replied
“This really means a lot as it will be a great account for my 4 year old son Riley and the $100 opening balance will be a wonderful start for him.”
While Amanda took out the top prize in the competition, it’s comforting to know that we count so many positive saving role models among our customers.
Proof for this can be found in the best of the runner-up tips posted to The Greater’s Facebook page – check them out below.
Teach them how a little savings can grow and having a goal always helps
- Connie Hunt
Only spend money on things you actually need, setup a weekly budget. Monitor all expenses throughout the year
- Kurt Maertin
Give an incentive to save. Allow them to work towards buying what they really want. Tell them 20% of their allowance is a good start
- Jason Baldwin
I pay my kids for each chore. At the end of the week I transfer their total earnings straight into their own account.
- Nicole Robins Baumann
To help young children start the saving habit, make sure they have a money box, preferably an interactive one.
- Graham Ianson
Get a counting jar that automatically counts your coins as you deposit them, so you know how your saving is going.
- Aaron Sleishman