Rise of the digital piggy bank as children as young as three join the cashless society with budgeting apps

“Children as young as three are joining the cashless society with parents replacing traditional pocket money with digital piggy banks” writes Wil Crisp for There was a time when children would look forward to the jangle of coins in their mother’s purse or father’s wallet, signalling the imminent distribution of their weekly pocket money.But today they are just as likely to check their mobile phone apps for the transfer of cash to their bank accounts.The app allows parents to set up regular transfers of pocket money to children as young as eight electronically, as well as giving them the ability to monitor spending.More than £10m has been loaded onto Osper, a pre-pay debit card for children, since it was launched with an accompanying app in 2014.

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