It is a good idea to start teaching young kids the value of money. Everytime my son asks me to buy him something he saw on TV, my answer is always "We'll have to save money for that." It's not a good idea to buy them everything they want even though you can afford to. Whenever my daughter wants an item, she has to pay half of the cost herself. Even though I can get her the item, I don't want to do it. I want her to learn the lesson that to have something, she needs to save first. That's why she has her own savings account although she cannot get into this without my knowledge. It's an online account and I didn't ask for an ATM card. Having a card will just give her the idea that it is easy to take money out. Until she is old enough to be financially responsible, I will be the primary contact for this account.