I have just finished a call with a friend who was telling about a money app for kids called ‘Spriggy’. As far as I can tell, it pays no interest, has a yearly joining fee, and only allows access by a custom, kid-friendly Visa card (decorated with a cute cartoon pig). My friend has now been asked to send cash to it as a way of paying for a present for a friend’s child. Good thing or just a trap?
Spriggy is an app that lets parents pay their kids’ pocket money into a linked account with a prepaid card.
According to their website it’s “a tool to prepare your kids through practical experience”.
But there are a few reasons I’m not a fan:
First, it costs too much: $30 per child per year … so if you’ve got four kids it’s $120 a year.
Of course, eventually your tween will need a bank account. When that time comes, you should challenge them to choose a no-fee high interest rate account (rather than paying $30 a year for a glorified app).
Second, not everything needs to have an app (with a monthly fee).
Yes, money is fast becoming numbers on a screen, but kids are inherently visual creatures. The reason I champion three jam jars and a simple scoreboard on the fridge is so that kids see the coins hitting the jar and the money piling up.
Parents, put down your freaking phone and connect with your kids over the family dinner table. This is not about the money, it’s about developing strong behaviours. You are the killer app.