One million parents across India were the respondents of the study, which aimed to highlight the importance of financial literacy in children
Junio, a kid-focused startup that empowers kids to make secure payments offline and online, conducted a study that showed 60% of Gen Z dads on Junio’s platform outsource utility payments of electricity and water bills to their children and reward them with a small bonus in return. The study also focused on overcoming the old parenting paradigm when parents did not prefer to discuss money matters with their children. Financial parenting is the new norm and there is an urgent need to educate new age parents about it to teach financial literacy to the younger generation.
The study was conducted with more than a lakh of parents from the top 10 cities including NCR, Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Ahmedabad, Pune, Chandigarh and Lucknow. He also cited that fathers are outperforming mothers in encouraging children to use modern payment tools like smart cards, digital money wallets, etc.
The study found that Gen Z parents raise their children differently and discuss money matters with them in the early years of their childhood. The study also highlighted that more than 90% of parents want their children to learn about healthy spending and saving habits, financial planning and investing.