My parents taught me (most likely inadvertently) all kinds of financial lessons very early in life. I had a weekly allowance that was earned doing generic chores. There was a list of bigger spring-cleaning-style chores that had their own separate payouts. Most importantly, 50% of everything I "earned" was required to be saved in the bank. The rest was mine. Paying taxes and saving appropriately was never something I had a hard time doing as an adult.
Requiring 50% to be saved is a good move, I might steal that. I think I might also do a "match" to a Roth IRA when they're older and actually earning taxable income.
My mom never tied allowance to chores, we were just expected to do chores. The problem with tying them together is that at some point the kid will just opt out and you have no leverage. I had a bank account but we were never diligent about deposits so saving was harder for me as a young adult.
you could add another rule where interest doesn't accrue if they temporarily opt out of your system; in fact, it could be negative interest during that period.
