It seems to me that, if you want to teach children at an early age about the benefits of careful personal finance, and other fun concepts (like an intuitive understanding of compound interest), paying ...
It sure seems like something that would be a valuable life skill, akin to Home Ec (or even more important!)... Where I'm from (Peel Region in Ontario Canada), it isn't part of the curriculum.
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?