I am married with kids and starting to look hard at savings for retirement, buying a house and sending my kid to college (still a LONG way away). However, I am completely new to the world of finance ...
What are the best strategies to give pocket money or allowance to a child especially if you would like to teach them something through this, e.g. saving?
At what age should I begin discussing money - saving, spending, investing - with my child / children?
In addition, when should I open a savings account at our bank for my kids; and give them accountability over it?
I've heard that giving allowance is one approach to develop an understanding of money management. What other ways are available to teach kids about the benefits of savings?