96% Indian parents say their kids don’t know much about money management

A latest survey has revealed that 96 per cent of Indian parents feel their children don’t know enough about financial management tools and are in a need of a trusted source for financial education.

The survey has been carried out by muvin, a teen-centric pocket money app headquartered in Bengaluru, and online content platform Momspresso. The survey report quoted by Mint shows that Indian teens are showing a strong inclination about the ‘new age financial solutions’. The survey was carried out on 600 teens studying in grades 7-12 and their parents (600).

According to the survey report, 93 per cent of teen respondents expressed interest to learn about digital payments. However, a meagre 22 per cent of them said they were confident of using digital payments.

The survey said that 94 per cent of the parents believed that their children are keen to learn about digital wallets, and stressed on the need for a more organised and dependable financial advice mechanism.

At least 70 per cent of the teens expressed desire to learn about cryptocurrency assets like blockchain and non-fungible tokens (NFT), the Mint quoted the survey.

Mukund Rao, co-founder, muvin, told the website that the Indian teens are becoming financially independent more than before. They are opinionated when it comes to their personal life and the choices they make.

On the other hand, Prashant Sinha, co-founder and COO, Momspresso.com, said there is a need for financial literacy among India’s youth.

Both the companies have partnered to help teens make better financial decisions through research and the first ever Money Olympiad in the country.