The challenge of turning kids into financially responsible individuals can be a daunting task. Financial literacy is a critical skill – but what’s the best way to make the process of learning it fun and practical?
Leave it to the entrepreneurs at Start-Up Chile to come up with a solution. Agent Piggy, a project started by Maritza Lanas and Pablo Ambram, is an interactive online environment that helps kids between the ages of 5 and 15 learn about saving, investing, and money management through games and real world examples.
With AgentPiggy, kids “earn” their money through an allowance system set by a parent. When the child executes challenges such as “Doing the dishes,” “Folding laundry,” “Walking the dog,” or “Improving science grade,” they earn allowance, and can use the online platform to save it, donate it, or spend it responsibly. The service costs US$5 (CLP2.365) a month, with a discount for a yearly purchase. In August, AgentPiggy expanded to include a Portuguese edition of the site in addition to English and Spanish.
AgentPiggy’s co-founders, who were previously living in Ecuador with comfortable jobs, took a big risk to come to Chile in 2011 to start their company with funding from Start-Up Chile. The effort was worth it, however, according to an essay by Lanas for the website Women 2.0.
“I always had the desire to create something great from scratch with a big, transcendental social impact,” she wrote.
“Children from all income levels who experienced AgentPiggy said that they learned the value of money and understood complex concepts such as investing and compound interest – which they’ve heard on TV, but nobody had really explained it to them. I find it very fulfilling to transcend with these kids, with something that will be useful for them for the rest of their lives.”
Learn more about AgentPiggy and sign up for a free trial subscription for 30 days at the company’s website.