e-Pocket Money? The future of the piggy bank
By , 14 May 2021
We all know the importance of teaching our kids the value of earning and saving money, but have you thought about teaching them about crypto currency? It has certainly never popped into my mind, but apparently some children are not only learning about it, they are investing in it!
Like 7-year-old Toby who, instead of getting a crisp $5 note for completing his weekly chores, watches his bitcoin balance grow and is apparently already seeing his investments pay off.
It’s pretty cool to see how bitcoin grows - it’s definitely better than having cash and it’s awesome when I tell my friends that I have bitcoin!”
Toby - 7 years old
He views his bitcoin balance using Penny the Pig, a child-friendly physical piggy bank that integrates with leading crypto wallets including Coinbase and Metamask. Developed by global financial literacy company Strive, the app and hardware combo displays any crypto wallet balance on the piggy bank, whilst parents can use the accompanying app to schedule cryptocurrency payments such as pocket money, and monitor their child’s digital transactions.
According to Strive co-founder and CEO Andrew Birt, while many people are already exploring the dynamic world of crypto, we all have a huge role to play in equipping kids with financial literacy skills and encourage responsible investing.
“Without a doubt, the crypto market is here to stay. With $2T now stored in crypto across 68M crypto wallets around the globe, there’s still a surprisingly visible lack of resources to teach kids about digital currency.
“This is why we built Penny the Pig - to give everyone a simple, safe and responsible way to explore the space of cryptocurrencies, and learn about the future of money,” Birt said.
While I personally will stick to teaching my child about traditional banking for now, paying kids pocket money in bitcoin is certainly an interesting concept and quite possibly the way of the future.
If you’re thinking about entering the world of crypto currency investment, whether it is for yourself or your children, be sure to do your research first.