Instilling a sense of financial responsibility is a big part of parenthood. And while there are many traditional means to do this; Pigzbe, a small electronic wallet, is poised to change the way parents teach their children about finances.
Teaching children financial literacy
The importance of teaching children about finances is incredibly important. According to a Cambridge study, children as early as 7 years old begin to form lifelong financial habits. And while most are familiar with the concept of the piggy bank, Pigzbe takes this age-old concept into modernity.
Many families opt to use a reward system for fulfillment of tasks as well as good behavior. Pigzbe helps reinforce this by allowing kids 6 years and older to keep track of tasks, allowances, and rewards for children. The Pigzbe and the accompanying app can allow children to visualize their earnings in various currencies, set savings targets, and even budgets which will encourage them to save as well as learn about spending and financial concepts.
The Pigzbe one-ups the traditional piggybank by introducing children to modern forms of currency. Parents can set tasks remotely, track achievements, send funds, and even manage allowances via the Pigzbe app. They can even invite other family members onto the platform to help teach their kids financial literacy. This can be done by friends and family from anywhere around the world.
With the use of a Wirex Visa card and parental supervision, children will be able to use their saved-up funds on things that they want for themselves.
The Pigzbe is powered by Wollo, a Stellar-based cryptocurrency, designed with modern families in mind. The token is set up for mass adoption and will power a variety of products, not just the Pigzbe.
The Pigzbe is a minimalist device, with a majority of controls provided with the mobile app. By doing this, children can have their Pigzbe with them all the time without the risk of excessive screen time. The device sports a 24×8 LED Matrix Display, vibration, and audio to show notifications, messages, and basic games. It also comes with dual push input buttons and is equipped with Bluetooth and wireless internet connectivity.
The Pigzbe comes as the result of the development by an educational technology startup based in London. For potential supporters of the product, Pigzbe is on Kickstarter and as of writing, it has surpassed double its initial $50,000 target.
YouTube: Pigzbe – Digital Wallet for Kids That Educates about Spending
Photo Credit: The images and video used are part of a press kit provided by Pigzbe SA for media usage.