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Money skills to teach your children through the CommBank Youth app

Money skills to teach your children through the CommBank Youth app

Starting conversations about money with your children can be tricky, especially without practical ways to bring lessons to life.

The CommBank Youth app (designed specifically for primary school-aged children) helps you teach children about saving and managing their own money in a fun and secure way.

These are some of the key skills you can help them develop.

1. Day-to-day banking

Your child can check how much money they have in their account and see transactions they have made in real time, helping them to see the impact of their saving and spending choices. To provide a secure learning environment, the CommBank Youth app doesn’t allow external transactions.

2. Keeping track of their earning

Together you can create chores and jobs in the CommBank Youth app, ticking them off once done. You can then transfer pocket money into your child’s bank account, helping them track every dollar earned.

3. Setting savings goals

Having an incentive to save is key. Your child can set up a saving goal, for example, a new skateboard, add a picture of it in the CommBank Youth app and follow their progress. A visual reminder of the goal helps keep it front of mind and maintain motivation.

What else do you need to know?

If you’re a CommBank customer, your child’s bank accounts appear alongside your own accounts in your CommBank app so you can keep an eye on your child’s bank account.

If your child participates in CommBank's School Banking program, they can see the Dollarmites tokens they earn as part of School Banking in the CommBank Youth app. Once they’ve collected 10 tokens, they’re able to redeem them for a reward.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. The information on this website has been prepared without considering your objectives, financial situation or needs. Before acting on this information, please consider its appropriateness to your circumstances. The CommBank Youth app is free to download, however your mobile network provider charges you for accessing data on your phone. The CommBank Youth app is available on iOS operating system 9.0+. NetBank access with NetCode SMS is required.