Game on: do it their way

At some point, you and hopefully your kids will want to dip their foot in more formalised forms of investing, rather than just saving.

Acknowledge the era in which children find themselves these days. That is, digital. So it helps to use platforms that are “gamified” with a slick interface.

“When I started investing with my children, I opened an Acorns account, now called Raiz, which trades exchange traded funds (ETFs),” says Vanessa Stoykov, from Evolution Media.

Another good option is to open an online trading account, such as CommSec or nabtrade, where you can trade shares or ETFs.

These platforms allow you to open “minor” trust accounts, where you act as the trustee for your child. When they turn 18, the trust’s assets can be flipped into an account in their own name.

Teaching your kids about finance and investing could be one of the most important gifts you bequeath your kids. It can also be hugely rewarding, not just when your child is young but also as you watch them employ the lessons later in life to gain financial wellbeing and independence.