I've had a savings account in my name since I was 8 years old. Granted, I never had anything in it (I never got an allowance and any birthday/holiday money received went straight to my parents). When I got my first job at 16 and started making money, it all went straight to the savings account and checking account I had to open to accept paychecks in. There was never debate in my family about my opening any bank accounts to save money instead of spending it on useless things. My parents figured that, at 16, I should be left to my own devices regarding handling money, and in any case, they trusted that I wouldn't blow it all frivolously since they had 16 years to watch how I handled money when it was given to me. However, there was debate once I finally crossed the threshold of my first $1000 earned. My mother wanted me to put it in a CD so that it would gain a slightly higher interest rate than the savings account, and because she felt that was a safe way to grow my money. My father, on the other hand, wanted me to open up a small investment account with it because he felt that since I still lived with them and didn't have to worry about bills, rent, etc, there was no better time to learn about investing and stock markets than then since I could lose the money, and it wouldn't put me into dire financial straits. Personally, I wish I had gone with his suggestion as A), I dissolved the entire CD (to which I added money every year) last year with very little return on initial investment, and B). I would be much more comfortable being more hands-on with my current investment accounts now had I had a chance to play with the money way back when. I moved out of the house during college and had a roommate who had no job and everything paid for by his parents. I had to handle budgets, rent, bills, groceries and the works, and even before that, I had a healthy respect for the value of saving money. However, my parents never allowed my sister to move out like that, and as a result, they are constantly talking to her about the fact that she spends whatever money that doesn't go to fees and tuition left and right. Personally, I've found that when you are younger and you develop a health respect for how money works, you are more likely not to be frivolous with it when you are older which is why in hindsight, I wish I had invested some money when I was that age instead of just letting it sit in savings essentially doing nothing.