Digital Saving for Kids
In an age of contactless and mobile payments, young, tech-savvy parents are struggling to teach their kids about saving. ASB Bank in New Zealand is trying to help by updating the physical piggybank for the digital age.
This month, the bank prototyped Clever Kash – an app-connected elephant toy with a screen on its belly, which displays the child's account balance and makes receiving digital money a tangible experience.
Using the ASB app, parents send money to their child's bank account. They then let the child 'swipe' virtual notes and coins on the screen towards the Clever Kash toy, which immediately updates their balance.
In the future, a bank could combine such a service with one that allows children to make digital payments. Last year, we picked up on Piggybank, an app that lets parents track their older children's chores and automatically send them a pre-loaded payment card at the end of the month.
Gen Alpha and Gen Z will have to navigate a complex world of alternative currencies and forms of value as they grow up. See our insights from Wired Money 2015 for ways to stay relevant.