Teach children how to use money

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How to make kids understand what digital money is – read on

Teach children how to use money

How to teach financial literacy to children. Photo: paidagogos.com

Proper management of money is not an easy task to teach children, which is complicated by the transition to digital computation. Without a banknote or coins, even an adult has a difficult time assessing their savings and costs. Therefore, banks and IT companies are trying to create a device that will clearly demonstrate the movement of electronic funds.

On children’s day Editor of pespace magazine Prepared a list of ideas that would help children learn the basics of personal finance management.

Virtual reality training

The Commonwealth Bank of Australia has created a curriculum in virtual reality format for primary school students.

Children are taught in virtual reality format Photo: Commonwealth Bank

The set of training materials includes a collection of stories about finance and a special VR-headset for smartphones. Using these two devices at the same time, the students will go on a journey with the main character of the story – Sammy the Koala. He has accumulated eight coins and must make an important purchase without wasting money on trifles. The main function of stories is to teach children to separate real needs from desires.

Digital consultant

Westpac Bank introduced a virtual assistant for young Australians. Photo: westpac.com.au

One of Australia’s largest banks, Westpac introduced Wendy as a virtual assistant who can identify and respond to customers’ emotions when communicating with video. Notably, the financial institution’s new AI-employee is able to repel the negotiator’s eyes and smile while negotiating, the bank’s website reported.

Wendy’s mission is to serve as a digital business consultant for young Australians, combining four artificial intelligence technologies.

Robot teacher

Robot Ginger teaches financial literacy to children. Photo: ing.com

At the European bank ING, a humanoid robot travels through the banking branches of the Netherlands and teaches financial literacy to children. A monthly seminar for students under 11 will not only teach them how to handle money, but will also introduce new trends in the field of robotics and artificial intelligence.

Smart piggy bank to control savings

Some companies go even further by creating custom gadgets to discover finance in practice.

Gullak Bank ASB Bank Photo: Twitter

Therefore, ASB Bank (New Zealand) created a digital piggy bank to deposit pocket money.
Using a smartphone, parents would be able to transfer money to the piggy bank, indicating why the child received pocket money. The balance will immediately appear on the device screen as an elephant.

Danish developers have come up with a similar tool for bitcoin. An interactive piggy bank with light indicators will allow children to track the credit of pocket money in their account and see how close they are to the amount they want to save. Piggy Bank management and fund raising is done using the Ernit mobile application.

Bitcoin Savings Piggy Bank Photo: Live Smart

Contactless gadgets

Spending money using digital payment tools is taught in Singapore.

School children testing contactless wearable devices Photo: LinkedIn

One of the local banks – POSB – provides students with a watch with contactless payment functions. They can pay for purchases in the dining room and bookstore. And monitor your finances as well. The parents compensate the balance of the gadget using a special application.

Contactless bracelet donations for children issued Food for education in Kenya. Gadgets called Tap2Eat are linked to the cash account of the students’ parents and the intention For food discounts.

Payment acceptance terminal

In the world’s most non-cash country – Sweden – children are not only taught to accumulate and spend money, but also to accept payments.

“We do not accept cash” Photo: iZettle

Swedish manufacturer of POS-terminals iJetel added a card reader to the IKEA Toy Cash Register and distributed to five-year-olds. Little Swords who sold lemonade to the park during the holidays were able to accept credit card payments.

Map & App for Kids

The mobile app educates children on financial literacy. Photo: mommyish.com

Fintech companies and classic banks are involved in the production of children’s cards and applications. Therefore, a few years ago, the American company Greenlight launched children’s special debit cards with Apple Pay support and parental control. Recently, the Polish bank Pekao launched the PeoPay Kids application, which helps save and learn how to manage your money. The service can be used as a savings account, with the creation of so-called “cash drawers” for wealth accumulation for specific purposes. British unicorn startup Revolut now has a cash management app for parents ages 7 to 17 and their children. The company’s new product, Revolut Junior, is available to premium and metal account customers. The launch aims to help children develop healthy financial habits. Another mobile application, Jasbi, allows children to receive money from their parents and grandparents with the ability to save, donate or spend money on a closed digital platform.

In Ukraine, more and more banks issue cards for children (Junior cards from Privitank, FUN cards for children and teenagers from Raisen Bank Aval, children’s cards from Oschdbank, Monobank, Alpha Bank, Pivdeni Bank, etc.). PrivatBank also has a training and interactive program for the children of the bank’s VIP customers. Thanks to training, children will learn about the family’s economy, financial goals and their impact on life, as well as savings, investment, business, management and more.

Financial game

In Ukraine, there are also examples of financial instruments for children. A few years ago, the international payment system Visa introduced the Ukrainian version of an interactive game “Financial Soccer”. The game combines an online football simulator and a financial literacy test. Correct answers to financial management questions allow the player to move faster towards the goal of the virtual opponent and increase the chances of scoring goals. “Financial Football” contributes to creating a responsible attitude to financial literacy and personal finance. The game is designed not only for teenagers, but also for adults. You can play by clicking the link ua.fin Financialfootball.com.

Sports aimed at increasing financial literacy Photo: Visa

The new version of the popular game “Monopoly” included a contactless card reader and plastic cards, with which players can pay with “bank” for various real estate items.

Through the terminal you can pay fines and transfer funds to other players’ cards. Photo: Syracuse.com

Other popular games for students include children’s cash flow, classic millionaires and billionaire editions.

This is not a complete list of tools with which children are taught to manage their money. Read how to teach your child the basics of financial literacy in a detailed article. Payspace magazine.

you are interested in: How to increase financial literacy: expert advice


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