A piggy bank is a great way to introduce kids to the concept of saving money.
However, learning about personal finances requires learning about more than just saving money. With all due respect to the venerated (if a bit kitsch) piggy bank, we think it's time for an upgrade.
Here are the five biggest problems with a piggy bank:
1. A piggy bank doesn't pay interest. Kids should learn that their savings should be put to work and not just sit there!
2. A piggy bank isn't really that secure. Most of us have seen a variation of this: Mah-am, Dah-ad, {{sibling}} took money out of my piggy bank!"
3. A piggy bank doesn't allow you to automate anything. No regular allowance for example.
4. A piggy bank is clutter. It's another thing that eventually you will need to get rid of.
5. Cash. Yuck! Coins? Yuckier!
The piggy bank is hundreds of years old and hasn't really changed much... we think it's time for an upgrade!
So don't let your kids trust their money to a pig. And try out our simple digital alternative The Parent Bank!
