Rabobank teaches children how to deal with money through the augmented reality allowance-app.

Rabobank introduces the Rabo PinPin app; an augmented reality allowance app in which children can learn about money in a playful manner by interacting with a virtual penguin.

Nowadays financial transactions mainly occur in the digital area and a cashless society is becoming more feasible. This makes money less touchable, which causes an impact on the financial development of children. According to Maarten Kolkman, who is responsible for the youngest customers at the Rabobank, PinPin contributes to the financial education of children. ‘It is important that children learn how to cope with money and also that they learn about the value of money. In this way, children will get a fundamental base for financial self-reliance that (hopefully) will last a lifetime.’

Research of Nibud shows that when people start to learn about money at a younger age, it will help them to understand more complex financial situations better at a later age. Kolkman continues: ‘By choosing an innovative medium like augmented reality, we will adjust ourselves to the experience-world of children. The augmented reality function makes the Rabo PinPin-app unique and therefor this app will make learning about money both fun and educational.’

Children can let PinPin, the guardian of their allowance, appear at any place at any time through augmented reality. For example at the schoolyard, at their grandparents' house or at the breakfast table. The children can earn 'pegels' by taking care of PinPin and by playing with PinPin. These 'pegels' make sure that the children can buy new things for PinPin and in this way, the children are getting used to making digital, financial transactions. Because of the link to the real Rabobank account, kids can also check their own financial status and save up some money. However, children cannot spend real money with the Rabo PinPin app.

Rabobank customers came up with the idea of the allowance-app themselves. Kolkman: ‘We see that parents are concerned when it comes to the theme of financial education for their children. In the past, the allowance-moment was the opportunity to discuss money-subjects with your children. That interaction moment is almost gone due to the digitalization of money, and that is one of the reasons for developing the Rabo PinPin app. Parents can keep track of the PinPin app and its' status; did the children save any money and how much money did they spend? This app wil trigger conversations between kids and their parents about money.