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agazine reports that American kids get $780 per year in allowance on average and almost none of it is saved. A 2012 digest of figures compiled by StatisticBrain.com points out that 25.6 million U.S. teens spent $208.7 billion in a single year. Other studies indicate that 24% of 6-10 year-olds shop online alone (PlayScience Survey) and 73% of teens do at least half their shopping via the Internet (Teenage Shopping Habits).
|Kids and money, they're quite a pair, MommyBlogExpert.com|
|My 4 tweens, vintage photo, MommyBlogExpert.com|
Well, there's good news. There already is such a secure and family-friendly financial management tool that promotes handling money responsibly. It's called Virtual Piggy.
|My son built this K'nex Virtual Piggy, MommyBlogExpert.com|
|Candy Bar, Virtual Piggy style, MommyBlogExpert.com|
|Sweets in the company's official color, MommyBlogExpert.com|
|Delicious food at the brunch, MommyBlogExpert.com|
|Giant Virtual Piggy in Chicago made of K'nex, MommyBlogExpert.com|
|Beautiful table centerpieces, MommyBlogExpert.com|
Virtual Piggy helps nurture and develop youth financial literacy through an easy-to-use dashboard. Once a parent sets up an account, a child has safe direct access to budget, save and spend their allowance and any other money that is deposited into their online account. This isn't just another garden variety tech company with the next best idea, either. This is the real deal. Recently, Virtual Piggy received some very prestigious consumer industry recognition: the 2013 Dr. Toy's Top 10 Best Technology Award as well as being among those chosen for this year's Dr. Toy's Top 100 Children's Products list.
Watch this video to see real-life mom and actress Sela Ward, known for her role as Teddy Reed on the TV series Sisters, explain some of Virtual Piggy's benefits...
Setting up a Virtual Piggy account for your child is easy and fast. All you have to do is follow the prompts at VirtualPiggy.com to sign up, adding the payment source information and a mailing address. Next, enter a profile for each child and set a monthly allowance and spending controls such as which stores they may shop at.
That's it -- the account is now ready for your youngster to use to buy at approved stores all by himself by using just their username and password. As the parent, you still get final approval on all purchases as well as have a way to unobtrusively track their spending, requests and Wishlist.
Your child can shop now at any store you've approved, among more than 80 online retailers kids love. Places like Claire's, K'Nex, Aeropostale, Barnes & Noble, Sephora, Walmart, Gap, Toys 'R Us, Fandango and many others already accept Virtual Piggy payments -- with more coming soon. Girls and boys also have the ability to make charitable donations to more than 250 non-profits, too.
About Virtual Piggy
Based in Hermosa Beach, California, VirtualPiggy.com was created to provide a platform where kids and teens up until the age of 18, under the watchful eyes of their parents, can shop safely online. The company promotes a culture of teaching young people to spend wisely and save for the future. In addition to offering the free virtual wallet service, the company provides many more free money management resources, helpful links and tips for parents and fun quizzes for kids on their website. Follow Virtual Piggy and Twitter and Facebook to stay up on the latest news.
FTC Disclosure: I received compensation and other goodies to facilitate this post. In addition, I was a guest of Virtual Piggy at their hosted brunch in Chicago and received a goody bag. See complete FTC Disclosure information that appears at the bottom of MommyBlogExpert's main page and at the bottom of every individual post on this blog, including this one.