“Bring back the piggy bank”

Chore Scout is the first mobile banking app of its kind, designed to help parents and kids have conversations about money, It has four goals

  • Help children understand the value of money
  • Help Children understand the value of saving
  • Help Parents get stuff done around the home
  • Help banks compete on purpose

Chore Scout is the first mobile banking app of its kind, designed to help parents and kids have conversations about money, and one of its goals is to tackle the growing problem of children devaluing money.

Ever since credit cards have taken such a dominate role in everyday purchases there has been concern that children will struggle to understand the value of money, as they rarely see the actual exchange of notes and coins. Instead children constantly see parents tapping away with plastic and have more individual access to electronic money.

Whilst visiting family recently in Tokyo I witnessed my young cousin not willing to share her sweets but more than happy offering to purchase a new packet with her Pasmo card (a preloaded transport card that can be used at various vending machines). Generosity I’m sure wouldn’t exist if she had a handful of coins instead. This may seem a bit removed to indicate financial problems later in life but surveys around credit card usage are showing teens signing up for more credit than ever before and more credit than they can ever repay. ¬†This indicates that its time to act to ensure kids understand the value of money, how hard it is to acquire and accumulate.

Robert Cole’s article in The Times discusses many of the potential problems with children predominately seeing credit card purchases suggesting, “show children coins as soon as they stop wanting to swallow them” and “breed competence by playing board and card games.” Chore Scout builds on these ideas but instead of working against the inevitability of the decreasing reliance on physical money, it allows children to be educated about money in precisely this electronic environment.

 

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