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Financial planning often sounds abstract to children – but what if they learn how to handle money through play? A team from the HPI d-school developed Piggy World, a digital piggy bank that makes dealing with finances tangible. Linked to an app, it helps children to set savings goals and manage their savings.
How can financial planning become an experience for children? This was the question the Volksbanken Raiffeisenbanken asked themselves when they came up with the idea for the HPI d-school. The original idea was to develop a solution for young people between the ages of 15 and 18 to help them plan their financial education. The challenge: “Make financial planning an experience for children to help them save money responsibly.”
The student team began with a research phase and conducted interviews with young people to better understand their needs and challenges in dealing with money. It became clear that there was a lack of interest in financial topics and that other aspects of everyday life were more relevant to them.
During the interviews, it became clear that most of the young people had little interest in financial planning. However, some unexpectedly brought their younger siblings into the conversation and said that they might be interested in the topic. This realization brought about the decisive change in perspective: instead of focusing on teenagers, the team geared its solution towards children aged 6 to 10.
The result was Piggy World – a personalized piggy bank with a digital addition. The physical piggy bank helps children develop a feel for money, while a digital app gradually introduces them to modern financial planning. It contains a coin counter and a display that shows savings and the account balance. Later, the child can use the Piggy Go app to set savings goals and make purchases with parental approval.
In this way, children experience financial planning as something tangible and learn through play how to handle money responsibly.
Piggy World was developed as a long-term financial companion for children to support them on their path to financial independence. By introducing them to digital money with a physical object, the transition from using cash to online banking is made easier.
The concept has been further developed and is now available on the market as myFamilyFinance.
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