Ernit, a Danish piggy bank app that hopes to make digital money more tangible to kids, is ready for a national roll out after striking a deal with local bank Spar Nord.
Ernit is an allowance and savings app connected to a Spar Nord bank account. Kids create goals in the app – such as saving for a computer game – that adults can then contribute to, linking the payment to customised chores.
By leaning heavily on gamification, and a bright, sound and picture-heavy interface, Ernit says that its system helps to encourage children to learn properly about saving and spending.
Now, thanks to the Spar Nord integration, parents can link to a real bank account so that children can immediately spend the money they earn on their goals.
Ernit was founded in 2015 by three fathers looking to teach their kids about money. Says CEO Soren Nielsen: “My daughter calls my credit card the magic card. She thinks it contains an endless stream of money and she simply does not understand the value of money today.
“If we want to give our children healthy financial habits, we should contribute with more than just make money easily accessible through an app or a credit card. Children learn with their senses. They stack, clink, toss and sort their coins. Ernit makes digital coins understandable by imitating the physical properties of money in a digital universe.”