Saving is a good habit that should be inculcated in children from a young age. Piggy banks and savings accounts for kids are still favored by older generations for imparting financial literacy. Late Gen Z and early Gen Alpha, however, now have the option of banking with neobanks. Neobanks are digital banks that provide specialized services and optimal customer experiences. They are known as challenger banks as they offer stiff competition to established players in the financial landscape.
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