«Can I have this? Please!» – All parents are familiar with this phrase. But in a world full of temptations, contactless payments and online shopping, how do you teach children the true value of money?
The key lies not in complicated explanations, but in tangible experiences of success.
Saving is more than just «putting money aside»
Saving is one of the most important lessons in self-efficacy for children. When a child learns to resist an impulse (the little toy now) in order to achieve a bigger goal (the cool bike later), it strengthens their frustration tolerance and self-confidence.
The following three steps are recommended for educational purposes:
- Visualisation: A savings goal needs a face. Whether it’s a photo on the fridge or digitally in a savings app, the goal must be clearly stated and visible.
- Specific goals: «For later» is too vague. «For a new skateboard for this summer» is a plan.
- Regularity: Small amounts that grow steadily show the child that consistency pays off. Keep it up!
Here are a few more tips on what pocket money is all about.
Mastering the transition to digital
In Switzerland, we often pay by card or smartphone. When children only see their parents holding their mobile phone or a plastic card to a terminal, and it beeps, they lack a physical connection to the value. Money seems like an infinite resource that simply comes out of a device.
To help children understand the concept of «invisible» money, a combination of haptics and apps can help them learn about finance. Despite the digital age, children initially need something real in their hands to get a feel for quantities and scarcity.
This is exactly where our Clanq app solution comes in: with Kids Banking Lite, we offer a protected space where children can document their savings in digital «piggy banks» on their parents’ smartphones. This allows them to see exactly how their small fortune is growing on the screen. At the same time, they keep the same amount in real coins and notes in a physical piggy bank.
One barrel for every dream
Why save for just one thing? Children often have many different dreams at once – from a small set of toy figures to a bigger wish like a new bike.
To help your child learn how to set priorities and keep track, you can create an individual savings barrel for every wish in the Clanq app. Not only is this clearer, but it’s also incredibly motivating: your child can see exactly how much money is in each barrel and which one is closest to the finish line. This turns a vague saving process into targeted planning for their own dreams.
Craft session: the money box for your desk
It is particularly important for younger children who are just beginning to learn how to handle money to have something tangible in their hands. Download our craft instructions for your saving barrel here.
Print out the instructions, craft the saving barrel – or several saving barrels – together with your child and use it for «real money». Meanwhile, you’re tracking the amounts digitally in the Clanq app.
Pro tip: You can get 10% cashback on craft supplies from our cashback partner basteldepot.ch.
Conclusion: celebrate successes
Whether it’s 50 centimes or 5 francs, the most important thing is the moment when the goal is achieved. Celebrate this success together! Because children who learn that they can fulfil their wishes through their own efforts will also maintain a relaxed and sensible approach to finances as adults.
