We are all familiar with the age-old piggy bank that stored all of our pocket coins and random dollars. Although we may not have known it at the time, the piggy bank was a means in which to teach the value of saving for that “rainy day” our parents often spoke of. Well now, there’s a new way for kids to save that will not only teach them the value of a dollar, but it will also usher in the concept of cryptocurrency to your young person as they save for more than mere rainy days.
Does money have a future with kids today?
With terms such as Blockchain and Bitcoin flying around, it becomes difficult to see how children will actually handle physical dollars by the time they are adults. Living in an era where money can be handled through nonphysical transactions makes it imperative that children learn from, and practice with, programs that will prepare them for the new financial world.
This is where the Piggy Wallet steps in for parents interested in assisting with the financial growth and learning of their children. Unlike the piggy banks of yesteryear, the piggy wallet does not simply sit around collecting dust, waiting to be fed a coin, and not contributing to the learning of the child who feeds it. The piggy wallet actually makes the money that is contributed to its bank come to life right before your child’s eyes. Working with digital coins, rather than actual ones, the piggy wallet can receive funds electrically from friends and family who are interested in helping the money held inside the child’s piggy wallet grow. In addition to holding the money contributed via credit or debit cards, the piggy wallet also has the ability to teach young people to play with and learn about their money, watch it grow, and model what happens in real-world tasks.
Financial responsibility learned early, rather than late
When it comes to learning about money and how to use it responsibly, it’s never too soon to teach your child the right and wrong path. Understanding the process of what it takes to make money grow, learning how to invest, and seeing money actually grow before your eyes is the best lesson you can possibly have when attempting to understand financial responsibility.
According to a research study from University of Cambridge, children form ideas about money as early as the age of seven. This is typically when either good or bad habits are formed and they stay with us for the rest of our lives. If this is so, then why would we fail to ensure that our children are more than prepared when it comes to understanding the future of finance? There are currently adults that are uneducated on issues of cryptocurrency and they fail to comprehend the economic changes that are occurring at this very moment. If children are to be prepared for the changes that will take place of the survival of the American dollar and its value, then it is necessary to provide them with any and all tools necessary to help them both adjust and learn.
The piggy wallet and you
The Organization for Economic Cooperation and Development has shown that even in mid and high performing countries, one in five students struggle with the simplest of financial responsibilities. Understanding bank statements, payment slips, and even recognizing the value of a budge. When you provide your young one with a means in which to learn, grow and save; you will ultimately provide them with a financial advantage, financial gain, and the opportunity to learn positive spending habits.