Money for consumption and child savings accounts
Economic growth in the 1960s drove up both wages and inflation. As well as mortgage loans for homes, terms on consumer loans from the banks also became more favourable. Moreover, interest expenses could be deducted from tax.
With more money in their pockets, families could now acquire goods that had previously been viewed as luxuries. Hence, fridges, TVs and telephones went from being reserved for the well-heeled to becoming standard appliances in Danish homes.
Children, too, got to share in this wealth. Landmandsbanken was the first in Denmark to launch a savings account for children. Along with the account came Pondus in 1968, the iconic ‘piggy bank’ – actually a penguin – which got its name from a penguin in Copenhagen Zoo that Landmandsbanken sponsored.
In the course of just six months, some 300,000 children across the country got a Pondus for saving up coins and banknotes. Pondus was a huge success. Ten years later, more than four million Pondus piggy banks had been produced.
However, a physical piggy bank no longer has the same prominent place in the children’s bedrooms in Dragør or the rest of the country. In Dragør, Lis Madsen’s great-grandchildren can now receive pocket money digitally with a swipe in Danske Bank’s pocket money app
. Generally speaking, children have to learn that money is no longer physical, but digital.