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Dr. Jo Webber on how ‘Virtual Piggy’ can teach kids financial responsibility in a tech-driven age
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Welcome back well.
The piggy bank sounds kind of outdated right so few that's actually collect money may be dollar bills but claims please.
I'm kidding.
That we're talking about a virtual piggy bank and it's new invention by doctor Joseph -- the CEO of virtual.
-- -- -- Hi Lauren thank you I did -- -- good -- bio first you have quite an interesting degrade don't you.
That's Quantum physics it really does come in very helpful and every night life yeah when that one of those things is there added you come up with the idea to start a company.
That it's a virtual piggy bank.
-- it.
I've always been -- was self place I've always been running companies that bicycling tight complex problems and sold them with software solutions.
And if -- -- I -- to have had -- And I do so how different it was for them you know -- growing up in -- world would be in today has always been with comedians that kind minimum life and you know the kids 70% of American school kids now have having a small.
And that always connected.
So we -- looking at just how different it was for them you have to be 21 in America with a jolt to have a credit -- So the kids have cash but when they get -- -- they have no ability to supply anything or even give to charities they care about online.
Then I didn't realize that that is a pretty good point plus Ellis gift cards that they get those are real money -- you can't keep track of the gift cards on virtual piggy.
-- adds absolutely so what food to think he does is it really allows a family puts the pair back into knowledge.
And the parent consent rules that all the different members of the family and sins of their spending their site they.
Even down to which charities in the family's gonna contribute to -- and gift that you -- big -- -- gift thing and you know that this system that allows you know grandparents in Alaska might be to send a gift card.
Straight into -- -- -- to begin account.
And the telkom Ambien and it'll be somewhere and is unable to music if -- them having stack to give concert McCain lays his.
Other -- you know -- -- views have kids but.
-- lose everything -- do anything.
Where we'd like show our viewers had a kind of go through the steps can can you just take us there that -- that.
Sure and -- yet -- the -- apparent guys in effect because I -- you know your twelve years old.
Under the let you spend twenty dollars a month align your allowance you know providing you do -- as I'm sitting here.
And you can go to the following shelves or you can play the following guidance noise I think you have a tendency to spend too much money -- guiding.
So manipulate you spend a maximum of ten dollars a month from -- And from that point -- The tickets we called -- -- and forget the parent loans that they credit -- -- PayPal account would never be charged more than that amount.
So there isn't an actual limit their numbers you can if you just give a kid the credit card they combine whatever there -- no control.
And in the kid is impala to actually make decisions were doable mistletoe -- the site that 'cause I really want those sneakers.
So it teaches the kids -- thinking about managing their money and they and it gives the parent a controlled way of of -- parent and the child.
And how many parents and children -- using virtual -- It -- similarly we northeast at Austria and what we did those who always we will bring -- board merchants.
And stores of interest.
You know Claire's for instance Claire's accessories is is one of our companies when the prices of integrating.
This year we will bell ringing in the continues on the system is free to use the consumers does not move fees or some of these other things -- get.
With a lot of these these kind of technologies it's it's a free to use system.
We have been there in the thousands right now -- -- -- to drive over a million consumers to be using the technology over the next few months.
OK I think a brilliant idea.
-- I'm -- you could even one concern you would be in this public little more personal.
I can't encourage -- And I know it's -- it's the direction that we have already moved and then we're continuing to move them but everything's automated everything's online that we -- that personal interaction where.
We're teaching our children finances.
-- -- electronics.
I.
-- slightly disagree brace -- a -- I think we're using electronics as a as a tool to help with the deal.
-- on the electronics doesn't doesn't do anything it's really the parent sitting down with the child and explaining things like.
You know you've got 25 -- -- a month.
If you spend -- every month.
You need to really think about what it is you want you you -- that.
Those her sneakers -- 150 dollars on no bond -- Campaign but if you -- -- your analysis you can get that yet and it's you -- since I see on our citizens as a pawn of what's going on you can -- -- -- personal interaction now.
I love it I I wish you lots of luck thank you so much for bringing get your story and I hope kids out there learn to be a little bit more I don't now.
Responsible with their money Peter Bregman how are your kids that money my kids like it.
Is it now like money believe that they would Iowa that -- judge is talking to our -- on set up here thank you so much for your sorry had a great day.
