Teaching children about saving and good money management is important, when you give money to a child the first thing he wants to buy is candy, it is not wrong to eat a candy when he receives money for his birthday or a family gift, but explaining to him what is really a priority and how he should spend the money is essential for him to save and in the future have a fund that will support him for certain situations, I like the savings plan he has with your children it is fun and satisfying to see how the pennies add up; in my country there is a very appropriate saying for this important topic "from drop to drop a river is formed".
Blessings!