Digital Piggy Banks: How FinTech is Reinventing Saving for India’s Kids

By Gloria Methri

Digital piggy banks are more than just savings tools—they are educational platforms that equip children with essential life skills. Studies suggest that financial habits are formed as early as the age of 7, making it crucial to introduce kids to saving and money management during their formative years.

In India, where financial literacy is still catching up with global standards, teaching children about money management early on is more crucial than ever. Traditional methods like physical piggy banks are now being reimagined through technology, thanks to the rise of FinTech startups.

These digital solutions are not just tools for saving—they are platforms that educate kids about financial responsibility, goal-setting, and even investing in fun and engaging ways. By making saving digital, interactive, and aligned with today’s tech-driven world, FinTech companies are helping India’s younger generation build essential money management skills that will serve them for life.

On this Children’s Day, parents can explore these tools to give their kids a head start in financial literacy, ensuring they grow into financially savvy adults in an increasingly cashless world.

• Good Good Piggy

Good Good Piggy is a unique digital piggy bank designed to introduce children to the basics of personal finance. The platform combines saving with education, offering an interactive way for kids to manage allowances and cultivate financial responsibility. Its digital app educates children about budgeting, goal setting, and differentiating between needs and wants, essentially acting as a virtual piggy bank that helps parents instil good financial habits in their kids from a young age. It is considered a “FinTech” tool for children.

• Jar

Jar, a Bangalore-based FinTech, takes a creative approach to saving by turning spare change into investments. The app modernises the traditional habit of saving in physical gold by offering users an option to micro-invest in digital gold. Jar rounds up users’ digital transactions to the nearest rupee and invests the difference in digital gold. By making saving an automatic process, the company instills a sense of financial discipline. It introduces children and young adults to the idea of investing small amounts for future wealth creation.

• Lxme Gulluck

LXME Gulluck is a digital piggy bank for women that allows users to invest and withdraw money. Although tailored for women, Lxme Gulluck’s accessible platform serves as an excellent model for how digital piggy banks can cater to specific demographics. It emphasises the importance of financial independence and intelligent saving, providing tools to manage finances effectively. The platform’s focus on making saving simple and rewarding resonates with young users, helping to build a financially aware generation.

• Wizely

Founded in 2018, Wizely is an AI-powered money-saving app that allows its users to save little by little, offering the choice of Flexi and Savings Plan. The app uses a gamified approach and incentives, nudging users to save. The app has two savings plans. The first is a digital piggy bank, where users save 2-3 times a week, an average of Rs 500 per save. In the second, the users need to set a goal and then save enough to meet that goal. Some 55,000 users have saved with Wizely, and the app has 15,000 monthly active users. The users, most of whom are students and young professionals, save via UPI (Google Pay, PhonePe, etc.) or net banking.