Thanks to Katharina Young for sharing this article about a virtual piggy bank to help young kids shop online responsibly and safely. This is very timely given our discussion about kids accidentally spending hundreds of dollars online!
http://www.internetretailer.com/2013/03/28/virtual-piggy-focuses-children-growing-e-commerce
As I was reading this article, the idea of a virtual piggy bank sounded so odd to me. Now that I keep thinking about it more, it may not be such a bad idea. It might allow parents to have better control on how much money they are spending on toys/what each child wants. I know I personally coerced my mom into buying me more toys than she expected when we would go to a store. By setting an allowance, the child would have a definite spending limit which is beneficial to mostly the parent.
ReplyDeleteMaybe my children won't get gift cards and money for holidays and birthdays, but instead a note saying "I put some money in your online piggy bank!"
I think this an excellent idea, it helps children learn te value of money, and that their is a limit to spending. it also allows them to use the internet in a positive way and gives the parents a way to engage with their children, while at the same time monitoring their activity. Some may argue that it is encourage materialsim/consumerism at young ages, but in our society today that is a way of life, it is better to start them off on the right track than to be oblivious to the times.
ReplyDeleteI had never thought about having a virtual piggy bank before. I think this might be because online shopping was not quite as popular when I was a child. However, I think this is an awesome way to not only have control over what your kid is ordering but also teach them the value of money. I know I learned the value of money by the allowance I was given as a kid and when I didn't have the money to do something it was because I had used my allowance for that month. I definitely think this is a good thing to use if your child spends a lot of time online and is always looking to buy things. This will help them learn the value of money and really think before they spend the money if they really need the desired product.
ReplyDeleteI think this is giving children a lot of freedom, which could be good or bad. On one hand, parents do have some control over what websites they are allowing their children to make purchases on and how much they can spend. But with that freedom, kids could end up buying plenty of things that the parents might not want them to buy if they were in a store together or if the child needed permission to buy something online. Although this is better than no regulation at all, I think kids could possibly get spoiled if they are allowed to buy themselves things they don't really need.
ReplyDeleteI think this virtual piggy bank is a good idea beacuse it lets children learn about money and the value of a dollar. Children will be able to learn a lot about real spending from this new program. In addition, parents are still allowed most of the control on the actual bill they are sent becuase the parents need to approve what the child buys. This is much better for parents overall because I'm sure many other parents have experienced the situation the professor told us about her friend where their 3 year old child spent $900 on Amazon very easily with the click of a button.
ReplyDeleteLearning the value of money in an invaluable lesson. It is so important to reinforce the importance of being smart with your money so that you do not have problems with it later in life. Today, buying something on the internet is so easy that young children can do it without even realizing what they're doing. We talked about how one of the professor's friend's children spent $900 dollars on Amazon and my family faced similar, but much less dramatic situation. My younger sister got a Kindle Fire for christmas and quickly spent over $100 dollars on apps and wallpapers. I think it is difficult for children to grasp the idea of how much money they are spending. The virtual piggy bank could be very useful in helping kids understand just how much money they are spending. It is also very helpful because parents can monitor it so there should not be any big financial decisions made by the children that result in the loss of a lot of money.
ReplyDeleteThe virtual piggy bank is a very interesting concept. When I was younger, I never thought to online shop, nor was it popular among my friends, but perhaps that’s because I did not grow up in this digital native, media savvy culture. I can see how the virtual piggy bank can be both a positive and negative reinforcement among parents. I agree that is good to use when you have kids online shopping without supervision and I think the idea of having a spending limit is very functional. However, I don’t believe it teaches young children the value of a dollar, only because it is not their own money they are spending, (unless they are paying their parents back with allowance money). I know that as a child I had no concept of what a dollar can buy you, until I had my own job and spent my own money and that is when I truly learned that lesson. The virtual piggy bank I believe is best used to monitor how much your children are spending online, in addition to providing a place for children to save a wish list of items for birthdays, Christmas, etc. and it teaches children to not provide personal information by not having it as an option when making a purchase.
ReplyDeletei think this is a great concept! i wish i had a virtual piggy bank earlier when i was a kid, especially at least before college because it would have taught me to manage my money before actually trying to figure it out when i was really suppose to be in full control of my account. I never online shopped as a kid, and i barely do it now because its so easy to fill up your cart and keep buying and you lose track of how much youre actually spending. Online shopping can be dangerous too because you have to be careful what sites are unsafe and have to be especially careful with putting in your bank account numbers and passwords. This is because its easy for sites to steal your info and your money. I think the virtual piggy bank is a great concept because your parents are allowing you to have some responsibility, while at the same time you learn to manage your money.
ReplyDeleteLauren Kahn
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Wow! This is such an excellent idea. I have never heard of this before and I think this could be really beneficial for younger kids. I was and still not am a big online shopper but these days, with technology on such a high for the younger generation this could definitely help them! This piggy bank also can serve as a teaching method. It can teach kids this idea of controlling your money and not spending it all at one time. It allows parents to also help their kids for the future and teach them the benefits knowing when to spend and when its a good idea to save. I really wish i had this piggy bank as a kid because understanding the value of money is very important concept.
The idea is great and so is the Fathead commentary. This is because many young boys and girls have posters of their favorite athletes hanging from their walls. Fatheads are the new thing to throw up on your wall and to have them talk about children's virtual piggy bank is a great marketing tool. The piggy banks keeps children out of the parents amazon and other online shopping accounts where most of the information is already logged in so you can push a button to purchase. This causes problems when younger unintentionally and sometimes intentionally use the family's money for unnecessary things. THe piggy bank gives a sense of freedom and a new way for an allowance.
ReplyDeleteI think that this is such a great idea to teach younger kids a little bit about finance. It is a fun and education way for children learn a little bit about money. It allows parents to start at a young age, which can be very helpful for children as they begin to work. I would definitely give this piggy bank to my children because I think that knowing the value of a dollar and knowing about the costs of things can really teach children a lot.
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