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- End-of-year amount deposited: $365.00
- Amount returned: $0.00
- Total end-of-year wealth: $365.00

like money and the power of compounding are hard for kids to comprehend at this age. Nevertheless, children are typically ready to develop skills that the Consumer Financial Protection Bureau says can build “,” including saving for the future. These skills include persisting through hard tasks and learning to wait for things they want.

The abilities to control impulses and plan ahead are also important, the bureau notes. Playing “pretend” and games like Simon Says and Red Light, Green Light can help kids build these and other critical skills while having fun.

In addition, encouraging kids to put coins into a glass jar can make the idea of money—and growing it—more concrete and exciting as savers develop their counting skills.

- End-of-year amount deposited: $730.00
- Amount returned: $29.20
- Total end-of-year wealth: $759.20

This is a great age to introduce allowances, which can be powerful tools to teach young kids about earning, saving, and spending. A 2019 study found , but an important lesson wasn’t sticking: Parents said their children were primarily spending the money to buy things. To help kids better understand savings, parents can encourage them to pick small savings goals and track their progress on a chart filled with colorful visuals.

Parents could go a step further by “matching” their childrens’ savings, like adding 10 cents to the piggy bank for every dollar they save. It’s a benefit children will hopefully recognize and appreciate one day if a future employer offers a similar incentive in the form of .

- End-of-year amount deposited: $1,095.00
- Amount returned: $89.94
- Total end-of-year wealth: $1,184.94

Most children have gained a good sense of days, weeks, months, and sometimes even years. That growing understanding of time is important to fully appreciate the idea of saving money “for a later date.” In addition, These include counting, understanding that coins have different values, and the idea that money can be exchanged for goods.

Many of these kids are also becoming . Filling their bookshelves with introduces additional learning opportunities.

- End-of-year amount deposited: $2,190.00
- Amount returned: $487.61
- Total end-of-year wealth: $2,677.61

Kids in the fourth and fifth grades are ready to tackle key personal financial topics. These include understanding interest, why it’s important to save for emergencies, and how to develop ways to set short-term and long-term goals for saving,

These young smarties can also better understand the benefits of saving money in a bank versus at home. If parents haven’t already opened an interest-bearing savings account (or investment account) for a child, it’s a great time to do so. The best options offer a good interest rate that doesn’t require monthly fees or minimum balance requirements and have online tools that let tech-savvy savers monitor their growing balances.

- End-of-year amount deposited: $2,920.00
- Amount returned: $962.37
- Total end-of-year wealth: $3,882.37

Tweens are typically able to understand the math behind concepts like compound interest, not just the theory. They’re also able to plan ahead and save for things they want. That’s a timely skill as many are old enough to start babysitting, mowing yards, or finding other ways to earn larger sums of cash.

While they may be learning about personal finance at school, many youths are also looking for guidance at home.

- End-of-year amount deposited: $4,380.00
- Amount returned: $2,546.65
- Total end-of-year wealth: $6,926.65

don’t restrict the number of hours a 16-year-old can work (). That means that turning sweet 16 presents an opportunity to build up an impressive amount of savings, especially in the summer and when

Parents may choose to open a checking account for their working teens to ramp up money management skills and make it easier for their young wage earners to pay their first bills.

Those expenses could be steep if new drivers are responsible for car-related costs during a time of rising inflation. For example, the in the last quarter of 2021. Likewise, in February 2022, the , though it could be even higher for young drivers, who typically pay the highest premiums.

- End-of-year amount deposited: $5,110.00
- Amount returned: $3,728.45
- Total end-of-year wealth: $8,838.45

, and it’s surely welcomed by high-school seniors who are embarking on the transition into a full-time job or the next level of schooling. Some kids who have custodial savings accounts created as UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act) accounts . Others will need to wait until they are 21 or even older.

This is a time for parents to help increasingly independent kids understand not only how to budget successfully, but also how to save and invest for short- and long-term goals. If teens are taking out college loans, they need to gain an honest understanding of the impact that graduating with student debt will have on their personal finances. , and that sum will likely take quite a while to pay down.

- End-of-year amount deposited: $7,665.00
- Amount returned: $10,739.37
- Total end-of-year wealth: $18,404.37

These are the , and a poll by Bankrate found . Choosing between paying down debt—which may also include student loans—and saving for emergencies can be a tough decision since both are important, but 64% of the surveyed Gen Zers said saving is their priority.

Still, it can be tough to sock away money in the early stages of a career. is a way to save for emergencies or other goals like buying a home without feeling the pinch. So is diverting some money into a retirement plan like a , especially if your company matches contributions.

- End-of-year amount deposited: $16,790.00
- Amount returned: $135,935.51
- Total end-of-year wealth: $152,725.51

While these folks may be in their , setting money aside can still be a challenge for them, especially if they have kids in college or ones who recently graduated. The typical family used for the 2020–21 academic year. About 9% of college costs were covered by parents borrowing money. Student loan debt related to their kids’ education or their own schooling decades ago has become what the AARP refers to as “”

Meanwhile, this age group also faces, even as they may be supporting grown kids in other ways. , and 79% did so at the expense of their own financial well-being.

- End-of-year amount deposited: $35,040.00
- Amount returned: $7,337,459.00
- Total end-of-year wealth: $7,372,499.00

There were , and that number could increase over time. Life expectancy, or the number of years a person is expected to live, .

Though reaching a three-digit birthday is a remarkable achievement, it can also be scary from a financial perspective. . It’s a reasonable worry given that

Fortunately, dutifully saving $1 a day for more than nine decades—and having the money compound annually at a market rate of 8%—could make someone a multi-millionaire by the time they gather around their cake with 100 candles to blow out, plus one to grow on.