Skip to Content

Exclusive: Rock Band Unplugged Track List

20 worthless pieces of junk: #5 -- The piggy bank

More
Text SizeAAA

Filed under: Banks, Budgets, Kids and Money

Not all piggy banks are bad, but the old-fashioned kind with one slot for putting in coins have had their day. "Think about it – what does a one-slot piggy bank ask a child to do? Save? I don't think so," says Susan Beacham, founder and CEO of Money Savvy Generation, a company set up to teach financial education to children. "Nowhere on a one-slot bank is the word 'save'. Ah, you say, it is implied. Really? Ask a child the next time he or she places a newly acquired coin in the slot why they are making that deposit. Get ready for a blank stare."

Give a kid a one-slot piggy bank and they may actually save when you ask, but Beacham's theory is that they aren't actually aware of what they are doing when they are putting money into that slot. And they have no concept why they are doing it or what they are saving for. The money goes in the slot and you get a blank stare.


"Truth is, most kids don't have the slightest idea of what they are doing when they are placing coins in the one-slot of a traditional piggy bank," says Beacham. "Money is generally too abstract a concept for most kids. To help kids learn about money, you have to make the abstract concrete. And while a one-slot piggy bank is a good start – it is just not enough to really teach a child about the choices they have for money."

She continues, "Kids need to be reminded that there is more to do with money than just spend. Literally reminded each and every time they have money that they can save some, spend some, donate some and invest some. For that, you need a whole new kind of piggy bank."

So what should you get kids to better teach them to prioritize their spending and saving? One suggestion is the Money Savvy Pig, a four-chambered piggy-bank with four slots and four tummies each labeled with a choice the child has for money, reminds a child, in a very concrete way, that there is more to do with money than just "spend".

"So, move over traditional icon, your one-slot option is so yesterday," says Beacham.

Susan Beacham is the chief executive and founder of Money Savvy Generation, a financial education company that provides innovative products and services to help parents and educators teach children the basic skills of personal finance, MoneySavvyGeneration.com. See her blog at www.susanbeacham.com
Subscribe to Walletpop

Reader Comments (Page 1 of 1)

How Much Should I Save?

$
$
%
Vote Now For the Readers' Choice Best in Food Awards
Nominations have been received and vetted for the best-of-breed in gourmet grocers, online gourmet ...
Zingerman's Bakehouse: Artisan Bread and Pastry from Ann Arbor
Zingerman's Bakehouse of Ann Arbor, Michigan, is nominated for a Luxist Award in the best bread ...

Jason Cochran
Jason Cochran Filed under: Bargains, Extracurriculars, Transportation, Travel, Celebs & Money

On board the new Oasis of the Seas: Is it worth the money?

So here I am, writing this from off the coast of Florida as part of the first two-day preview cruise of the magnificent Oasis of the Seas. Royal Caribbean has launched the largest cruise ship in the ...
Geoff Williams
Geoff Williams Filed under: Credit cards

Citigroup holds its customers hostage

Across the nation, Citibank credit card holders are receiving what pretty much amounts to a ransom note: We're going to raise your rates, says the letter, in so many words, but if you spend more ...
Bonnie McCarthy
Bonnie McCarthy Filed under: Budgets, Kids and Money, Saving Money, Technology

Family budgets: Make movie night safe again with family-friendly review sites

Around my house, we don't make the decision to pile into the car and head over to our local Cineplex as easily as we once did. It costs a lot of money these days to see talking animals, wild things ...
Madhusmita Bora
Madhusmita Bora Filed under: Transportation

Shop the friendly skies? The airlines are hoping you'll buy while in the sky

Along with sandwiches and soda, you may one day be able to buy tickets to Lion King and Animal Kingdom while cruising 35,000 feet above ground. A New York Times story reported that the airline ...

Banking Tools

Use these bank account calculators and tools to help you make the smartest bank account moves.

    Headlines from WalletPop Partners