Viva Kids World Mom, what does a bank do?
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Online banking, e-shopping, cryptocurrencies – the world of money is changing at an unprecedented speed: What does this mean for the financial future of our children?
In Ancient Rome, people used the space on coins to spread important messages, in the Middle Ages money was demonized, and nowadays people pay with plastic cards, mobile phones, smartwatches and so on. In such cases, money only exists in bank accounts and is represented as bits and bytes. And so even our money is being impacted by digitalization.
The future of paying
In their study "Geld-Gehirn" (literally "money brain"), researchers at the Zukunftsinstitut (Future Institute) in Germany have investigated the ways in which the world of money will develop in the future. Five future scenarios relating to the payment methods of tomorrow have emerged:
Payment methods of tomorrow
Five future scenarios from the "Geld-Gehirn" study
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Future scenario 1: The future of cash
Experts believe that the use of cash will increasingly become a deliberate decision in which anonymity, nostalgia, and feelings of happiness all play a part.
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Future scenario 2: Verification in the future
According to the study "Geld-Gehirn," personal identification numbers, PINs, will soon be a thing of the past: In the future, people will use iris, facial, and fingerprint recognition for identification.
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Future scenario 3: Money from the cloud
The experts of the Zukunftsinstitut believe that our money will soon be held in a cloud. We will then be able access it via various devices such as a smartphone or smartwatch in order to make a payment, for example.
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Future scenario 4: The bank of the future
People should be the center of even more attention in the bank of the future – clients want trust and an opportunity to rate quality in the digital age.
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Future scenario 5: The parallel world of cryptocurrencies
Cryptocurrencies promise the same anonymity as cash as well as the independence of the existing financial system. The experts of the Zukunftsinstitut believe that a merger of the two systems is unlikely.
In the interview "Trends relating to payments and the bank", Anke Bridge-Haux, Head of Digital Solutions & Delivery at Credit Suisse, gives her assessment of two of these future scenarios, and has no doubt about the rise of big data and artificial intelligence.
Child saving accounts etc.: Saving for your children's future
What these developments mean in real terms for our children's financial future is difficult to judge. However, it is clear that being able to handle digital money securely will play an increasingly important role for children. The aim of Digipigi and Viva Kids is to prepare them for just that; they should experience and become familiar with digital money from an early age and in a fun way. With a Gift savings account, you can provide a financial basis for your child or for a child who is dear to you: for bigger needs, their studies, driving lessons, and to get them off to a good start in life. You can find out about other savings options for parents, grandparents, and godparents in the article "Saving for children".
Who does the saved money belong to?
No matter whether you opt for Viva Kids, a Gift savings account or a Gift investment fund savings plan, have you ever wondered who the money in the account actually belongs to? It is intended for the child. But do I need to include the assets in my own tax return? Can I decide what the money is used for? You can find everything you need to know about the right way to deal with child's assets in the article "Managing child's assets correctly – tips for parents".
Talking to children about debt
Savings aside – for certain investments, such as buying a house, many families take out a mortgage. After all, that is what a bank is there for. "Debt" quickly becomes a topic of conversation at the family dinner table. And rightly so, says Daniel Betschart of the organization Pro Juventute: "Because it's important for parents to talk to their children about all aspects of money if possible, including debt, so that they learn to handle money responsibly". In his column "Talking to children about debt", Daniel Betschart explains what's important, and above all, how you make your children aware of their own "debt limit".
Emptying your Digipigi, discovering the bank, and collecting a reward
Has your child ever emptied their Digipigi? No? It's child's play at any Credit Suisse branch. As a little reward, there's a surprise from Viva Kids World. You can also take the opportunity to find out what happens at a bank: How many counters are there? What currencies can you buy there? Where is the ATM restocked?
Discovering the bank's roles
Journey of discovery through the bank
Almost there: If the Viva Kids sell all the lemonade today, they can finally buy the missing materials for their tree house. But then Sophie sees two big, scary men at the ATM across the street. They're not planning on robbing the ATM, are they? And how does the money actually get into it? And what else does the bank do?
To the video "The imaginary bank robbers"