By Amanda Durry   July 28, 2009

Teaching her children the value of working for their money is important to local mother Tania Eriha, and the earlier the better.

The mother of two has just sent her oldest child, Oakley, off to school but he and sister Eden, 3, already have bank accounts.

A recent survey found 60% of parents questioned felt they were not dispensing enough wisdom to their children about the importance of managing money. More than half said they could be doing more to help their children reach financial competence by the time they turned 18.

But Ms Eriha said it was important children understood the value of money.

"Oakley and Eden have both had a bank account for a few years now and both have money boxes. They're never too young to start and although Eden has no idea yet, Oakley is getting to that age where he's slowly starting to understand more about money.

"I do try to teach them that if they want something, they have to work for it but I totally understand with the financial situation at the moment why parents may struggle. Even giving them $1 a week or whatever they can afford could give them a good start.

"School banking is really good too because it means it's going to be a regular thing. We've opened another account for Oakley so he can do it through the school," she said.

School banking is something parents would remember from their school days, according to Mid Canterbury Principals' Association head, Peter Melrose.

"Schools have been doing banking on and off for years and it goes right back to the ‘50s when people had the red and fawn coloured savings books. Now banks have started to come back into schools trying to re-energise and attract young bankers with ads and giveaways.

"School banking is totally optional and some people choose to do their own thing.

"Schools also have emphasis on money as part of subjects such as maths where they're taught what money is worth and how they can use it.

"Money management is becoming more complex and people have to think about where to put their assets. Money is part of life and it can be good to start early but it is in the home and with families that it should start," he said.

Oakley Gairns may only be five years old but he already knows the meaning of saving. Children like him are often encouraged to start savings with adverts aimed at children, including the BNZ ad featuring the pigs.

Photo Carmen Rooney 240709-CR-006