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Next generation savers The piggy bank goes digital

For years children have used moneyboxes, often in the form of piggy banks, to learn the virtues of saving. But as traditional forms become more digital and connected, keys and hammers are less necessary to get at the stash. (RTS, swissinfo.ch)

The new generation of piggy banks works according to the same principles of the traditional version, in that it is possible to insert physical coins and notes. However, it is now directly connected to a bank account, through a mobile app. The piggy bank is also playful and interactive, to appeal to the emotional side of young savers.

The innovation was launched by the Credit Suisse bank as part of a commercial operation to attract the loyalty of a younger clientele. Consumer and youth protection groups say that the commercial side of the venture does not preclude a high educational value.

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