The Pigzbe Wallet Teaches Kids How to Budget and Save Money

Fiscal responsibility isn’t the most exciting topic in the world, especially when you’re in elementary school. But, as Fast Company reports, Primo Toys is hoping to make the concept more child-friendly. The company’s new Pigzbe wallet works like a digital piggy bank to teach kids age 6 and older how to earn, budget, and save money by managing the cryptocurrency they receive from their parents.

Pigzbe connects to a smartphone app, which parents can use to set chores and tasks for their kids to complete, such as making their bed or washing the dishes. They can set a schedule for these chores (every Tuesday, for example) as well as monetary rewards in the form of Wollo, a “family-friendly” cryptocurrency developed by Primo Toys.

Tasks will be sent directly to the Pigzbe device, and once they have been completed, kids will receive their hard-earned Wollo tokens. The Pigzbe app helps kids visualize their earnings and how much they’ll need to save to get the items they want. "It’s a design that feels childlike, sure, but in a fun, self-aware way, almost like a Tamagotchi," Fast Company notes.

Although Wollo isn’t technically “real money,” the tokens can be used to purchase toys and other items from Pigzbe’s app. Parents can also order a specialized Visa card that will let them buy items using Wollo. Other family members can also send gifts and allowances to any Pigzbe user, no matter their geographic location.

The goal is to teach kids about financial responsibility at an early age, when they’re just beginning to form habits that will stick with them well into adulthood. “We believe that financially curious children become financially literate adults, and we designed Pigzbe to achieve just that,” Primo Toys, the maker of the Pigzbe wallet, writes in its Kickstarter campaign. The product has already exceeded its $50,000 fundraising goal, with more than 550 backers on board.

Backers who pledge $79 or more before the campaign ends on January 25, 2019 will receive the Pigzbe wallet at a 40 percent discount.