Sub category: Parents
10 August 2018

Schooling kids in money matters

It seems like just yesterday you were sending your kids off on their first day of school, but now they’re getting a casual job and thinking about bank accounts. Don’t worry – even though they’re growing up, teens still need a bit of help from their folks. In fact, four out of five teenagers say the first people they turn to for advice are their parents. This was recently discovered in the ‘Parents-Teen Financial Literacy’ report by ING & Galaxy Research (March 29, 2018).

One of the best things parents can give advice to teens on is how to think ahead with their finances. After all, the research also found that 71% of teens are already thinking about how they can plan for their financial security in the future.

Here are 5 lessons you could share with your teens next time you have the money talk.

Lesson 1: The account they choose counts

Based on the research, by the time they’re 17, almost half of teenagers have a part-time job or are receiving pocket money. The first lesson to share with your teen is that it pays to find a great transaction account that can help them achieve their financial goals.
The top things for them to consider are:
1. Does the account have transaction fees?
2. Does the transaction account offer a linked savings account with a good savings rate?
3. What savings features do they offer?
4. What benefits does the account offer?
Have them check out some of the ING’s new Orange Everyday Youth account features – for example if they’ve got any big excursions coming up, they can keep their saving going because there are zero everyday fees, including ATM fees anywhere in the world and no ING international transaction fees (they’re paid back instantly or within 5 business days).

Lesson 2: Transaction vs savings

Teach your teens the benefits of having a transaction account that’s separate from their savings account. By separating their savings from their everyday money they’ll avoid dipping into their savings from time to time.
For instance your teen could open the new Orange Everyday Youth account with a Savings Maximiser. If they do this they’ll also receive a higher variable interest rate on their Savings Maximiser balance. They can also name their Savings Maximiser accounts after their goal (“New Phone” for example) for extra motivation.

Lesson 3: Make the little bits matter

When it comes to finances, one of the most important things to learn is the power of the small stuff. Every little bit counts when you’re trying to reach a goal.
There are lots of ways teens can make the most of their spare change, like ING’s Everyday Round Up feature, which allows your teen to round up a purchase to the nearest $1 or $5 (it’s their choice!) and transfers the rounded up amount from their Orange Everyday Youth account to their linked Savings Maximiser account.
By doing this your teenager will be contributing to their savings each time they spend. For instance, if they buy lunch for $10.20 and they choose to round up their purchases to the nearest dollar, their purchase gets rounded up to $11, with $10.20 paid to the café for their lunch and the .80 cents going straight into your their linked Savings Maximiser. Check out how to do it here.

Lesson 4: Take advantage of tech

Using tech features can help your teens align savings with their passions.
For instance, they can take advantage of IFTTT (If This Then That), which transfers money from their Orange Everyday Youth account to their linked Savings Maximiser every time a trigger event that they’ve chosen occurs. For example, if they’re a bit of an Instagrammer, they can use IFTTT and link their Instagram account so that each time they publish an Instagram post, a certain amount of money goes from their Orange Everyday Youth account into their Savings Maximiser.

Lesson 5: You don’t have to know everything

If your teens are unsure about anything, there are heaps of places they can turn to for advice.
Show them websites like the government’s Money Smart website for tips on managing their money and to download apps like TrackmySPEND. Tools like this can help them visualise their savings and make tracking their money a part of everyday life – what a great way to start out!

Help your teens take the first step to financial independence.
Check out the ING Orange Everyday Youth Account and ensure that they consider whether it’s right for them.


Orange Everyday Youth is an account for individuals who are 15 to 17 years old. Joint accounts and overdrafts are not available for Orange Everyday Youth. All Orange Everyday Youth accounts will receive the Global ATM Rebate Offer and the International Transaction Fee Rebate Offer. This means that:

  • for ATMs in Australia – any ATM fee charged by the ATM operator is paid back to you immediately following the transaction,
  • for ATMs outside Australia:
    • ING will pay back the International ATM withdrawal fee of $2.50 immediately after it is charged, and
    • ING will pay back any ATM fee charged by the ATM operator when your transaction is finalised (settled).

While a transaction is pending, the amount the ATM operator charges in fees will be deducted from your available balance and will be paid back to you after the transaction is finalised (settled). ATM transactions made outside Australia can take up to 5 business days to finalise, so that means it can take up to 5 business days for us to pay back overseas ATM fees to you, and for ING international transaction fees on card purchases – ING will pay back the International Transaction fee of 2.5% of the amount of the international transaction immediately after it is charged. The person you’re buying things from may charge you a separate fee for their services (which we will not pay back to you under this offer). This offer may be changed or withdrawn at any time at ING’s sole discretion. If you have a complaint, please call us on 133 464 at any time as we have procedures in place to help resolve any issues you may have.

Savings Maximiser: High interest rate comprised of standard variable rate and additional variable rate. Additional variable rate can only apply when you also have an Orange Everyday Youth. The additional variable rate (that is added to the Savings Maximiser standard variable rate) applies on one Savings Maximiser per customer on balances up to $100,000. Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not have an Orange Everyday Youth, the standard variable rate applies. If you have multiple Savings Maximiser accounts, visit online banking or call us on 133 464 to check or change which Savings Maximiser account receives the additional variable rate (if eligible). ING can change or withdraw the additional variable rate at any time. The additional variable rate is not payable in conjunction with any other promotional rate. This offer may be changed or withdrawn at any time at ING’s sole discretion.

‘If This Then That’ (IFTTT) is an optional tool that enables your teen to automatically transfer amounts that meet the criteria your teen specifies from their Orange Everyday Youth bank account to their nominated Savings Maximiser account. IFTTT is made available by IFTTT Inc. Your teen will need to agree to the IFTTT Terms and Conditions for ING customers when setting up their IFTTT account. For more information on IFTTT, visit

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms

Related articles

Start Out Right