Money-literate children in a cashless society


Pocket Money

Teaching children the value of money is a universal parental task. But what happens when we try to convey the value of money to children in a world where cash is disappearing from everyday life?

  • Teaching children about money

    In a contemporary world where cash is diminishing, children are learning about money from a false prerequisite.

    Pocket money is notoriously unstable and children hide their money, so parents and siblings can’t get to it. That is not providing children with a healthy relationship to money.

    Only by offering a steady flow of pocket money, a way to save and also spend it again, will children gain an understanding of money. That is why, we have conceptualized and designed a pocket money app with Danske Bank.

  • Parents want control and children want autonomy

  • Money isn’t what it used to be. We rarely carry coins and banknotes, because most of our transactions are performed by moving electronic data from one computer file to another. Though it’s super convenient, we found that it makes it super hard for parents to convey the value of money to their children. And for children, we found that money has become an abstract, intangible concept that’s part of the grown-up world – and that’s what makes it exciting.

    The app had to teach children about money, encourage them to discuss money with their parents, and reduce the constant friction of having to ask their parents for money. The concept had to appeal to parents and meet their need for control, and the app itself had to appeal to children between the ages of 8 and 12, and meet their need for autonomy.

  • A reliable flow of pocket money builds trust

  • To bridge these diverse needs, and the diverse needs of two distinct user groups, the app had to link with Danske Bank’s new Mobilebank app. With the current beta version, parents can set up a Pocket Money account for their child, transfer money to their child’s pocket money account, ask to get notifications when their child uses the debit card, and if necessary, block it.

    The fun visual universe draws on Danske Bank’s well-established Pondus the penguin character. Children can see when money is deposited into their pocket money account. Their account balance is clearly displayed, and it’s easy for them to track what they’ve spent their money on, and how much they’ve saved. With their parents permission it’s easy to transfer money from the account to the debit card, which they can use at ATMs, in shops, and with their parent’s permission, online.

  • Small successes keep children engaged and teaches them self-control

    Children learn by doing, and their cognitive abilities develop each year. To keep the children interested and engaged, the animations are fast and playful. And when they complete an action, the feeling of success is instant and tangible.

    The app also encourages a dialogue between parents and their children about how financial systems operate, the value of money, and the importance of saving to reach your goals.

  • Financially empowering children

    Educating children about money in a cashless society starts with a steady, reliable flow of pocket money. And children’s financial empowerment starts with managing that money themselves, because only by learning how to make smart financial decisions can children become truly money-literate.

  • We wanted to create an experience that shows that we respect and trust children. The only way to do that, is to look at what it is that makes them children.

    Aylin Kanpak
    Strategy Director & Partner
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