New applications such as the Pigzbe “Piggy Wallet”, PiggyBot, and FamZoo offer new opportunities for parents to foster financial responsibility from a young age. These are not “piggy banks” in the traditional sense, however. In the modern world, cash transactions are slowly being phased out in favor of digital transactions. To survive in the new financial ecosystem, education is key in raising a financially literate generation.
Apps like Pigzbe act as a home for digital allowances. They allow parents to set tasks and milestones, which are then rewarded through the app. Pigzbe in particular takes a very modern approach to teaching children responsibility. Assigned tasks are rewarded with “Wallo,” the application’s family-friendly cryptocurrency. The more Wallo the child earns, the more engaging the app becomes, encouraging positive behavior patterns.
There are plenty of other apps as well, each adding their own spin on the idea. Savings Spree, for example, teaches children about impulse spending and unforeseen life circumstances. The app may randomly take the child’s imaginary money while teaching them the importance of saving.
While the idea is still relatively new, it has the potential to make a serious impact, teaching children financial responsibility in a fun, yet modern and practical manner. The future is coming quickly, and early education has powerful effects on children’s lives.