In this day in time, where credit card debt has risen, I think that it is important to start teach children financial responsibility.  My wife and I have started setting aside $50 a month, per child and putting it into their bank account. Yes, we did establish a bank account for our children, and we did so for multiple reasons:

1) It is a credit union and we could get them established as members very early on.
2) If we put a minimum of $50 a month, for 1 year, that is $600 a year. If we maintain this pattern, they will have $7,200 per child after 16 years.  *This is not factoring in any interest.
3) We are encouraging others to donate to our boys, instead of giving them toys, that will only increase their bank account.
4) We are teaching the boys financial responsibility and really encouraging them to save for their future.

In a day and time where families are spending money at a rapid pace, teaching the boys the importance of saving money at an early age, is so important.