With 5‑year‑olds, focus on play and simple routines rather than detailed explanations. Playing “shops”, letting them hand over money at the till and using phrases like “we pay for this with money” helps them connect money to real life. You can also talk about taking turns and choices – for example, choosing one treat instead of two.

For 7–8‑year‑olds, regular pocket money is a powerful way to learn about spending and saving. You can introduce “save a bit, spend a bit” every time they get money and set a small goal together, like saving for a toy or outing. This age is ideal for explaining “needs vs wants” and letting them make a few low‑risk spending decisions.

Children aged 9–11 are ready for simple budgeting and the idea of earning money. You can link part of their money to jobs or responsibilities, then show a basic weekly or monthly budget: money coming in, money going out and what’s left to save. If you use a children’s bank account or card, review the balance and recent transactions together and talk about staying safe online.

Teenagers need more detail on real‑life money topics like salaries/wages, bills, borrowing and scams. You can walk through a sample payslip, talk honestly about the cost of living and show how a budget needs to cover essentials before “nice‑to‑haves”. It’s also a good time to explain how credit cards, overdrafts and buy‑now‑pay‑later schemes work, including why missed payments and debt can become a problem.

There’s no single “right” amount; it depends on your budget, your child’s age and what you expect them to pay for themselves. A useful rule is to pick an amount you can stick to consistently and agree together what it’s for – for example, small treats only, or some clothes and outings too. The lesson comes less from the exact figure and more from learning to make choices within a limit.

Keep the tone calm and practical, and match the level of detail to their age. You don’t need to share every financial worry; instead, explain that every family has to make choices about how they spend and save. Focusing on “this is how we manage our money as a family” helps children feel involved and informed without feeling responsible for adult problems.

A simple way is to use everyday examples: food, rent and school shoes are “needs”, while toys, sweets and extra subscriptions are usually “wants”. You can make a game of sorting items into “need” and “want” and then agree that needs come first in the budget. Over time, this helps children understand why they can’t say yes to everything, even when there is some money available.

Many children’s money apps and cards are designed with extra controls, but they still need supervision. Before you sign up, check the age limits, fees, parental controls and how easy it is to lock the card or app if something goes wrong. Whatever you choose, keep talking about staying safe, not sharing details and telling you if they see anything that doesn’t feel right.

On itsmymoney.co.uk you’ll find age‑group guides, simple activities and tools that turn everyday moments into money lessons. You can pick the age band that matches your child and use one small idea at a time, such as a pocket‑money checklist or a first budget template. Over time, these little lessons help your child become more confident, independent and ready for adult money decisions.