Meet the nine-year-old saving for his own home
LUCAS Hambridge is nine years old and already saving for his own home.
Stay at home mother of three Nicole Hambridge, 31, says her son has even been using a banking app to help him focus on his savings.
"Lucas has always been passionate about money, but I was amazed to see how the app let him focus on saving for bigger purchases,'' she says.
"Having the app was more of a way to put his mind at ease because he could see the money in his account at all times and it also shows him exactly how much more he needs to reach his goals."
So how did you teach Lucas about saving?
We don't really "use" chores to teach him, rather trying to instill in him that he needs to pull his weight and help the family with everyday things to make everyone's life a little easier, so for us it is more about teaching him responsibility.
He does things like make his bed, keep his room tidy, feed the dog and he's gotten quite good at recognising where and when he can help-out around the house
How early can you teach kids about money?
I taught my kids about money as early as I could. I think as soon as they can count, they should start learning about money.
We started with the three jar system where each of the kids had a jar for 'SPENDING', 'SAVING', and 'GIVING'.
Each week I would give my kids their pocket money in coins and they would put an amount (chosen by them) into each jar.
I would tell them that even if they just put as little as 20c in each of the giving and saving jars then it would add up to a large amount by the end of the year.
Does Lucas prefer storing money in cash or online?
Lucas used to be very nervous about putting his money in the bank. I think because he wasn't seeing statements or getting his money back out, it made him think they were going to steal it.
So now he is quite comfortable about having his money in the bank. (Especially now he's learned about interest, which he calls "free money"!).
According to new research released by the Commonwealth Bank, 92% of 5 to 6 years old have access to either their own smartphone or tablet or their parents.
Among primary school kids, 1 in 5 (22%) having their own device.
Access to tablets is even higher (88%), with over half of kids who are the primary user /owner of a tablet.
Not surprisingly, games (83%), educational apps (74%) and content applications (63%) are the most widely used apps.
Currently only 6% of kids use financial education apps and 4% banking apps.
But obviously many parents want to see their kids using a banking app, especially if it helped them to save money and understand digital currency.
According to the research, Queensland children are the most tech savvy when it comes to saving money.
The CommBank research reveals 23% chose to store their savings solely online, while 33 per cent stored online and with cash.
Other states were more traditional with their approach, with NSW and VIC kids choosing to store their savings as cash only, and were less likely to store savings online.
The CommBank Youth app lets kids track chores they do and send their progress to their parents, while also allowing them to set savings goals and watch them grow.
For parents, they can track their child's bank accounts, and keep an eye on their spending by setting weekly limits and locking their cards. The app is available on all devices supporting iOS 9 and above.
Lucas Hambridge, 9 years old
What are you saving for?
I am saving to buy my own house.
How do use the Commonwealth Bank Youth app?
I use it to check my interest each month (which I have just learnt about) and I also like to see how much more I need to reach my goal.
How do you earn pocket money?
I help mum and dad with things like feeding our dog, clearing the table after dinner, making my bed, keeping my room clean, and getting myself ready for school. I also like to help with the gardening and mowing the lawn.