Clear recommendations for a mobile piggy bank solution; There was no existing solution for properly handling monetary transactions within the family, and therefore a great potential to accommodate needs. We observed a clear clash between the parents’ ideals around pocket money and the messy reality of a near cashless society.
The parents would often express idealized scenarios such as “we pay our kids 100 DKK every Friday”. Through our immersion within the families, we observed a very different reality. On a practical level, the kids were the only ones with cash. One parent even jokingly referred to his kid as a “private ATM”. And even when the parents did have cash, they would often forget to pay their children on time.
Based on the insights from the cross-cultural study, we suggested a mobile piggy bank solution and a series of recommendations on essential functions and features. The mobile piggy bank is an app that on a practical level accommodates the parents’ unarticulated needs in relation to monetary transactions within the family, while it fosters learning for children when it comes to economy and responsible spending in a cashless society.
On the basis of our research, Danske Bank have subsequently launched the Lommepenge (Pocket money) app and implemented several of the recommendations of our study. Through the app, parents can easily transfer money to their children’s account and set up constraints on daily, weekly and monthly spending. As an addition to the app, the children receive a debit card that prepares them for a cashless society. The card functions similarly to a standard debit card (but with appropriate restrictions), and it can be used in shops and cash machines - even online if the parents allow it.
In the app, children can get an overview of when their pocket money is paid, their savings, and what they have spent their money on; and parents can easily transfer payments so they don’t have to take out cash and forget to pay their children pocket money on time, while they acquire more transparency in terms of their children’s spending.
Balancing the sometimes conflicting needs and wants of children and parents, the pocket money app prepares children for an economy based on digital payment solutions, rather than one based on tangible cash – which might very well be a mere remnant of the past when the children grow up.