Honestly, knowing what I know now, I wish someone had taken the time to teach me and really help me to understand money, saving and investing. If I had a kid in your situation, I would start a: 1/2 is yours to do what you want, 1/4 we put in a HISA, and 1/4 we invest in an index fund. I’d take the time to show her how the world works, even at 7. Aussie tax returns are insanely easy. She could build a nice little nest egg for herself. Maybe you could do a yearly matching on her bday or something? Have fun with it and she will too.