Do piggy banks really work?

[JBinKC]

Oh how times have changed. A piggy bank is better than nothing but what is really the reward?

Personally, I think a better savings tool for a kid is something that earns a return that pays interest or a dividend and still allows the child some access to the account. It also teaches them about taxes at an earlier age.

[MichaelHulse]

For me yes piggy bank really works. In childhood days when we used to get pocket money we used to be happy. But becoming big we knew importance of money. So the best way to save money is using piggy bank.

[ThinkingCapital]

Yes, as long as you accompany the piggy bank with some financial advice. Kids will learn that saving a bit each week adds up over time, which is a good lesson.

[tripods68]

I have a piggy bank (a glass barrel size) about two-thirds full that I've been putting my change since 1997. My kids see it grow each and every day for since they can remember. It became a tool for me to teach them the importance of savings. This wasn't the original purpose at first (since I have not met my wife or had kids) until 2004. But it became a great tool for me to show my kids to teach the concept of money & savings and the importance consistently adding to it.

[LuckyRobin]

My credit union sells a plastic see-through piggy bank with four compartments, each with their own slot and their own opening. It is marked as long term savings, short term savings, charitable giving, and spending money. I think it is a great teaching tool for really little kids, but as soon as the kids are old enough to earn any real amount of money, it is time to switch to a savings account and a spread sheet.