Technology firm Virtual Piggy has released a new version of its Oink app that is intended to help young consumers learn how to manage their money. The app is largely targeted at Millenials and Generation Z consumers who have a limited income or are still being supported by their parents. This mobile platform is designed to empower young consumers to make their own spending decisions, but within certain parental boundaries.
The new Oink app facilitates safe and secure peer-to-peer money transfers between family members. The platform thus acts as a digital wallet for children who are still being funded by their parents. This app provides a level of transparency for parents, giving them the power to control of their child's spending. The idea is to help young consumers learn how to make their own purchasing, saving and money management decisions, but only under the guise of parental supervision.
The unique finance app ultimately provides a high-tech tool for parents who want to teach their teens important lessons about spending and saving.