An Essential Question for Parents

Are piggy banks and savings jars still relevant today?

It is an essential question for parents who want to give their children every opportunity for financial security, stability and success.

Parents, as well as teachers, and trainers want to be aware that various studies indicate money choices are more emotional and irrational than rational.

They are not alone.

Acclaimed behavioral economist and best-selling author of the book, Predictably Irrational, Dr. Dan Ariely argues money is not just a financial instrument but also a symbol of social and emotional meaning.

It represents not only financial security but also social status, power, and self-worth. He advises, our emotions, attitudes, and values are deeply connected to money, and these connections shape our financial decisions and behaviors.

What Piggy Banks and Savings Jars Do

Piggy banks and savings jars are visible and tactile symbols of the importance of saving.

They are constant reminders saving money has value.

They are a tangible reminder and visual representation of progress towards a goal. Children can physically see the amount they have saved increasing.

These can be powerful motivating forces for children. They can be "the difference" between making saving a habit or not.

Let's confront it, saving money can be a challenge, especially if one has not been trained to make it a habit or automatic. It requires discipline, delayed gratification, goal setting, encouragement and every other motivational strategy parents and teachers can muster.

Thus, why remove piggy banks and savings jars from the financial education and teaching tool chest? Instead, why not give your children and students every edge possible. Their futures and dreams are worth it, aren't they?

What Digital Banking Apps Do not Do

There is no doubt digital banking apps can manage and make easy the math and measuring required to accurately track saving and spending activities.

Money and banking are accelerating rapidly in the digital direction. So, it is smart to start building your children and students digital personal finance competence.

That shared, what digital apps do not do, is impart the same emotional energy and impact one receives from seeing and counting the money they accumulate that piggy banks and savings jars do.

That experience can be priceless. It can create life long cherished memories and be a key factor in getting your kids financially literate and on the road to increased financial security and freedom.

There is an absolute joy kids experience from shaking their piggies or jars and hearing their coins jingling, jangling, clinking, clanging, rattling, ringing, and singing!   

Sammy Rabbit refers to it as the "Sound of Saving!"

Sammy Rabbit Wants Parents and Teachers to Know

These three studies share the importance of having piggy banks or savings jars for children:

1.    A study published in the Journal of Economic Psychology found that children who have a piggy bank or a savings jar are more likely to develop good savings habits later in life. The study surveyed 1,000 adults and found that those who saved regularly as children were more likely to continue saving as adults.

2.    Another study conducted by the National Financial Educators Council found that teaching children about saving through the use of piggy banks or savings jars can positively impact their financial literacy and behavior. The study surveyed 1,502 American teenagers and found that those who used a piggy bank or a savings jar were more likely to understand the concept of saving and have better money management skills.

3.    A third study, published in the Journal of Consumer Affairs, found that children who use a piggy bank or savings jar are more likely to develop financial skills at an early age. The study surveyed 456 American parents and found that those who used a piggy bank or a savings jar were more likely to understand the value of money and have good spending habits later in life.

Yes. Keep Using Piggy Banks and Savings Jars

In conclusion, there are still strong reasons to have kids keep their piggy banks and savings jars.

Additionally, not everyone has access to digital banking or may not feel comfortable using it. Piggy banks and savings jars offer a low-tech option for individuals and families who prefer to manage their finances in a more traditional way.

Related Reading

Introducing Sammy's Let's Get Kids Financially Literate Campaign

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How You Can Help Sammy Rabbit Advance Kids and Families Financial Literacy Levels

Let's collaborate to get kids, families, and communities advancing their financial literacy knowledge, habits, and skills. Here are a couple of ideas on how you can help and we can work together.

1. Give custom, co-branded Sammy Rabbit story and activity books to kids in your local community!

2. Collaborate and partner with Sammy on "1" project in 2024: See a Menu of Ideas or suggest your own.

Contact us to explore more options and support Sammy's mission. Thank you. Have a #Sammyriffic day!