This smartwatch aims to teach 5-year-olds about spending money

The Mellow Watch will launch on Kickstarter in August. (Supplier: Mellow)

Learning financial literacy is a core skill and early lessons usually stick with you when it comes to money.

That may be why a tech startup called Mellow hopes to produce a money-oriented smartwatch for kids.

The Mellow Watch focuses on teaching children aged 5 to 13 about money and how to spend it responsibly.

The device is launching on the crowdfunding site Kickstarter and, despite looking a bit like a toy, it actually packs a lot of smartwatch functionality.

Just like the Apple Watch or Samsung Galaxy Watch, it is possible to pay contactless with the Mellow Watch. The idea is that parents will provide a daily allowance to the watch and establish some rules for spending.

All transactions made will be displayed in the companion app on the parent’s phone, and if they spend too much, they’ll get notifications to slow down.

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As with fitness goals on regular smartwatches, there are similar incentives on the Mellow Watch.

Parents can enable the Chore-Based Allowance feature that rewards the child with money for completing chores.

There’s also a goal-based savings feature that uses daily challenges to get the wearer into a habit of saving money.

Finally, the watch can also function as a phone and has real-time GPS tracking on board, so parents can always contact their kids and know where they are.

The watch enables contactless payment with parental controls (provider: Mellow)

All calls from unrecognized numbers are automatically blocked.

The Kickstarter campaign will launch on August 15. Until then, we don’t know how much the Mellow Watch will cost and if and when it will launch in the UK.

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