A world first app created by ASB Bank is aiming to make it easier for kids to learn the value of a dollar, something that's becomming harder in the days of credit cards and eftpos transactions.

Piggy banks and coin jars are a thing of the past, making it tough to get kids to understand the concept of saving money.

The dilemma is not lost on banks.

"The reality is as cash gets less tangible and more digital, it's harder and harder to teach your kids about money," says James Bergin, ASB chief architect.

So welcome to the very modern day piggy bank - a digital one inside what looks like a toy elephant.

Mr Bergin demonstrated how the app works, using his phone to transfer money for a youngster called Max.

"We'll pay his pocket money, so six dollars for his chores, and we'll transfer from my Streamline account to his Headstart account. When I hit transfer, that money's automatically gone.

"But now what we're trying to do is create a ceremony, so that Max can sit down with me and tangibly put the money into clever cash."

So the kids swipe the coins from the app, depending on the value that's been deposited, and it shows up on the screen on their digital elephant.

Kids simply shake the elephant to see how much they've saved, on the screen.

The elephant that saves looks to be going down well with kids.