Money is becoming harder to understand as the world becomes cashless and digital currencies become more pervasive.
In the past, pocket money and piggy banks provided wonderful hands-on introductions to finance. The problem is that both run on physical cash, and in a world of contactless payments, online shopping and mobile banking, physical cash can be a hassle for parents. Chores go unrewarded, lessons are lost. And because digital money lives in the ether, it’s difficult for young children to conceptualise and understand in a meaningful way. This matters for young children. Research by Cambridge University shows that good and bad money habits are formed by the age of seven.
At the same time, families are increasingly spread out around the world. And more than ever, grandparents, godparents, aunts and uncles, want to be part of the lives of their grandchildren, godchildren, nephews and nieces, no matter how far away they live. Yet sending gifts and small amounts of money can be slow and expensive between traditional banks in different countries.
We created Pigzbe to solve these problems.