Existing exoskeletons for pediatric gait assistance have limitations in anthropometric design, structure weight, cost, user safety features, and adaptability to diverse users. Additionally, creating precise models for pediatric rehabilitation is difficult because the rapid anthropometric changes in children result in unknown model parameters. Furthermore, external disruptions, like unpredictable movements and involuntary muscle contractions, add complexity to the control schemes that need to be managed. To overcome these limitations, this study aims to develop an affordable stand-aided lower-limb exoskeleton specifically for pediatric subjects (8-12 years, 25-40 kg, 128-132 cm) in passive-assist mode. The authors modified a previously developed model (LLESv1) for improved rigidity, reduced mass, simplified motor arrangement, variable waist size, and enhanced mobility. A computer-aided design of the new exoskeleton system (LLESv2) is presented. The developed prototype of the exoskeleton appended with a pediatric subject (age: 12 years old, body mass: 40 kg, body height: 132 cm) is presented with real-time hardware architecture. Thereafter, an improved fast non-singular terminal sliding mode (IFNSTSM) control scheme is proposed, incorporating a double exponential reaching law for expedited error convergence and enhanced stability. The Lyapunov stability warrants the control system's performance despite uncertainties and disturbances. In contrast to fast non-singular terminal sliding mode (FNSTSM) control and time-scaling sliding mode (TSSM) control, experimental validation demonstrates the effectiveness of IFNSTSM control by a respective average of 5.39% and 42.1% in tracking desired joint trajectories with minimal and rapid finite time converging errors. Moreover, the exoskeleton with the proposed IFNSTSM control requires significantly lesser control efforts than the exoskeleton using contrast FNSTSM control. The Bland-Altman analysis indicates that although there is a minimal mean difference in variables when employing FNSTSM and IFNSTSM controllers, the latter exhibits significant performance variations as the mean of variables changes. This research contributes to affordable and effective pediatric gait assistance, improving rehabilitation outcomes and enhancing mobility support.