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Unlike conventional bank accounts which reward children's savings with a small amount of interest, these are fully functional digital current accounts designed for everyday use, which parents must pay to subscribe to (see below for full details). When it comes to apps with a contactless card attached, Osper, goHenry and Nimbl all allow parents to open online accounts which are controlled via smartphones. Lara Romanelli has encouraged her eight-year-old son Teo to save by using the Rooster app © Anna Gordon/FT Encouraging children to discuss money matters from as young as four years old can help them develop positive attitudes, values and behaviours, giving them the best chance of being financially secure in later life.” “Many children are missing out on money lessons at school, making it even more important to start the conversation at home. Leave it any later and children could struggle to pick up good habits as adults,” he says. “We know from a recent study by the University of Cambridge that children’s money habits are set from as early as age seven. James Jones of credit reference agency Experian says learning about money early can help children to save and spend responsibly as adults. “Whether it’s 50p or £5 a week, empowering your kids to start making decisions about what they do with their money can help give them good money habits for life.” “Getting into a pocket money routine early can transform a child’s understanding of money,” he says. This is exactly what Will Carmichael, co-founder of Rooster Money, hoped would happen when he set up the app in January 2016.
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“The fact that the app allows us to set savings goals has encouraged him to save his money rather than spend it.” “I thought in today’s cashless society it might be easier for him to grasp the concept of saving via an app,” Ms Romanelli says. Suitable for children aged four and up, this is a virtual app with no payment card attached. It also allows her to set up an automatic weekly allowance, taking away the hassle of having to remember to have change in the house for pocket money. She likes the fact that the virtual budgeting app allows Teo to have two separate accounts - savings and wallet - which she says educates him about the importance of having money in a savings account as well as some accessible cash. Ms Romanelli and Teo, her eight-year-old son, have been using Rooster Money for the past six months.
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I’m grateful for this education and I’m doing my best to teach my son how to manage his money too.” “Now I realise it was just his way of teaching me how to be financially independent from a young age.
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“I used to think my dad was just being a pain when he made me contribute to the household finances out of earnings from my part-time job,” says Lara Romanelli, a freelance TV producer living in London. Video: How to give pocket money - FT advice