Piggy banks might be a thing of the past. To educate kids about managing their finances, you may have to empower them by transferring more of the responsibility to them. Imagine a working bank designed specifically to teach the little ones how to better handle their purse strings now and far into the future.
Now, this isn’t any regular bank; it’s specifically set up for kids to deposit pocket, chores, and birthday money into it. Children can then access the money through an app on a smartphone or via a new smartwatch specially designed to let young savers partake in contactless payment.
Mellow Money creates a virtual debit card for young ones to use where parents can add money to it. The “bank account” is connected to the parent’s own real bank using Visa and Mastercard.
Image via Mellow Money
The Mellow Watch teaches children saving goals, helps them create chore lists—potentially encouraging them to pick up around the house more—make money transfers, and even provides money tips in the form of quizzes on the device.
To make sure their little one hasn’t turned into a big spender, parents can put a spending limit on the account.
The watch can be used in real-life stores and even public transport that accept contactless payments, giving kids the chance to act like mini-adults when buying things for themselves. They can also track their step count and answer calls via the smartwatch.
Money management is a crucial life skill that should be taught to children at an early age. By offering young users practical experience with managing their money, Mellow Money reimagines the conventional piggy bank while simultaneously instilling positive attitudes and self-assurance.
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http://www.designtaxi.com/news/420062/Little-Smartwatch-With-Built-In-Payment-System-Teaches-Kids-The-Value-Of-Money/
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