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

Learning financial literacy is an important skill and the first few lessons tend to stick with you when it comes to money.

Perhaps that’s why a tech startup called Mellow wants to create a money-focused smartwatch for kids.

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

The device was released on the Kickstarter crowdfunding site and looks like a toy, but it actually has a lot of smartwatch features.

Just like your Apple Watch or Samsung Galaxy Watch, you can use your Mellow Watch to make contactless payments. The idea is for parents to give their watches a daily allowance and set some spending rules.

All transactions made will be displayed on the app that comes with your parent’s phone, and you’ll be notified to slow down if you spend too much.

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Like regular smartwatch fitness goals, softwatches have similar incentives.

Parents can enable a work-based assignment feature that gives their children cash for completing work.

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

Finally, the watch doubles as a phone and has real-time GPS tracking, so parents can always check in with their kids to find out where they are.

This smartwatch wants to teach a 5-year-old about money

This watch allows contactless payments under parental supervision (provider: Mellow)

Calls from unrecognized numbers will be automatically blocked.

The Kickstarter campaign is scheduled to start on August 15. Until then, we don’t know the price of the Mellow Watch, if it will be available in the UK or when it will be available.