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Brief Published: 16 Dec 2014

Digital Piggy Banks for Gen Z

Piggybank rewards children for completing chores

Piggybank is a new service that lets parents reward their children for completing chores via their smartphones.

Using Piggybank, parents can assign specific chores to their child. Once the chore has been done, the child can mark the task as completed and receive a financial reward for their effort. At the end of each month children are sent a payment card, preloaded with the money earned from chores, to spend however they choose.

Created in Oregon, US, its makers claim Piggybank gives children independence thanks to its use of real money, rather than digital stickers or internet points. They also say it will make managing pocket money and allowances hassle free. "Chore wheels, calendars, spreadsheets and running to the ATM to pick up money for your children, will all be obsolete," says co-founder Adam Bickford.

The service exists as a web application, and the team is currently raising money on crowdfunding site Kickstarter to develop an iOS and Android app for smartphones and tablet computers.

Mobile banking is on the rise – by the end of 2019, there will be more mobile banking users than online banking users, according to Juniper Research. Services such as Piggybank are introducing tech-savvy members of Gen Z to mobile money from a young age. For more on digital pocket money, and other opportunities in mobile finance, read Bite-Size Banking.

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