The Danish startup, ERNIT has integrated with Spar Nord to make digital money more tangible for children.
The new solution will enable the piggy bank app to link to a Spar Nord bank account. Children can create goals within the app, enabling them to learn a sense of value for money in a society that is becoming more cashless.
Søren Nielsen, CEO of ERNIT said: “If we want to give our kids some healthy financial habits, we must do more than just make money easily accessible through an app or credit card. It’s an adult way of thinking. Children learn through their senses and the more senses we can put into play the better.”
Through the solution, it is possible for parents to connect transfers with different domestic tasks, as well as allowing their children to set up their own saving targets. The money can be deposited directly into the children’s account.
Ole Madsen, communications and business development director at Spar Nord, added: “The learning associated with saving up, deserving pocket money and thus feeling the value of money is probably more important than ever.
“For us, this is a unique opportunity to contribute effectively to creating a better understanding of money, and it is something that is worthwhile for children, parents and society as a whole.”
ERNIT was founded in 2015 by three fathers who wanted to find a solution to help teach their children about how to manage money.