Digital piggy bank for kids for their brighter future

Pandemic has changed the pattern of living and learning among kids. Living lifestyle has switched into indoor activities and so learning. Be it the curriculum or extra-curriculum - the internet is playing an important role. Kids grasp things quickly, but when it comes to financial literacy, parents think that is not kids cup of tea. And why such attitude - because it has such a tedious pattern to follow that a kid doesn't find interesting.

The learning pattern has drastically changed since the pandemic and as per to current scenario, e-learning is the only way to keep your child educated. We all know that the future is internet learning - then why not teach financial literacy. There is an instant raise in internet banking and payment gateways. Kids oftentimes watch their parents doing online transactions, but never get a chance to use it independently because of several security, risk factors that a kid might not understand to deal with. But what if a kid is taught all these in a cartoonist, creative, fun way?

For parents, raising kids is not an easy task in the current generation! Though children are tech-savvy, they are more hooked on their gadgets, and not learning certain principles that lead to their better future. Hence teaching financial responsibility early on will make a difference throughout their life and slowly instils the values and diligence needed engagingly.

Understanding the same issue to the core, this financial literacy app for pre-teens is designed in such a way that kids will find it likeable with all creative patterns and themes. The task-driven feature with rewards in this app makes it interesting for pre-teens and parents. So here are some benefits of teaching money value to kids:

Better understanding of savings

Digitalbank is a saving tool. But where to utilise those savings is something a kid can learn from their parents. It is very difficult to choose even for adults how to spend money correctly. Learning since the kid can improve the skill of understanding finances.

Improving Math

Math is a subject that many kids do not like. Through such mediums like digital money bank makes children to enjoy math as well as do savings by completing the task given by their parents. Calculations will improve math among kids and a better understanding of keeping the change.

Value of money

This is a skill of understanding and one of the most important financial lessons. Children just understand that money comes from somewhere - be it in the form of pocket money or by rewarding value. Teaching them to value it and spending it wisely can make them good financial decision-makers in future.

Work is rewarding

Tools like money management app encourage kids to achieve the tasks set by their parents. This helps them to educate about how money is earned and of course a better sense to value it.

Benefiting to parents

It helps parents to build friendly connections with their kids and raise them in a way that the future is demanding. We know that the future is all about tech and even parents will be skilled and updated hand-to-hand without a feeling of the generation gap. Inculcating such habits in their kids make parents feel secure in many ways. Apps also ensure digital welfare and parents can set a screen time on the app to control the screen time and ensure more family time. Such platforms not only takes the right step in educating a child about the effort required for getting the rewards but also give necessary tools for parents.

Financial literacy at pre-teens age will create a value-based ecosystem for children in learning and practising responsible habits when handling money in this digital era. This will help parents raise future adults who can take care of themselves and thrive independently because independence and responsibility are key factors in anticipating success. Such platforms financially educate the world by making it more interactive, fun and comprehensive for kids. As financial education in India is lacking, there are very few practical methods to reinforce money values so they stick with kids for life.

Digitalbank is a traditional tool mostly followed by every Indian kid. Turning the same pattern into digitalization will help children's to learn and simultaneously enjoy financial tools. Helping children educate about financial planning can be a blessing to them as they grow up.

(The writer is the CEO of Good Good Piggy, Aggrawal)