.. Or how about making the kid learn about the value of money themselves and save their own money?
A kid I went to school with was given $20k for his 18th birthday and blew it within 3 weeks (didn't even buy a decent car with it!!) all of his family lives off Centrelink and doesn't know the first thing about money management. (before you start at me, no, being on Centrelink doesn't mean you automatically know nothing about money management, but this particular family had no idea and were in the middle of being evicted)
Giving your kid a gift like that is all well and good, but I think they have to deserve and appreciate it, which means to know the value of it before just handing over a huge wad of cash. Each to their own I suppose, but I think if a kid knows about money themselves (and has no idea about the savings account/super whatever) they'll appreciate it much more.