According to a survey by Junio, a fintech startup that allows kids to get digital pocket money, mothers give more pocket money to their kids than fathers and want to teach kids money management lessons and establish a strong financial foundation for them. play an important role in.
“Junio’s study suggested that children receive above average 1500 from moms while dads reach out somewhere 1100,” the company said in a release. More than one lakh parents were included in the survey.
The study also revealed that mothers give their children first-hand experience of various money management skills like monthly budgeting, controlling expenses, saving and keeping track of all their transactions. It states that children spend their pocket money on utility payments like mobile recharge, fuel bills, cab rides, food bills etc.
Tracking cash flow and monthly allowance, platforms such as Zomato, Swiggy, Zepto, Paytm, PhonePe, Blinkit, Flipkart and Amazon saw significant spending.
Ankit Gera, Co-Founder, Junio said, “Mothers are playing a major role in teaching financial discipline to children. Raising financially literate children and inculcating in them healthy spending and saving habits is one of the best gifts parents can give to their children. Saving for rainy days is an essential part of parenting, and parents can empower the next generation by teaching them the value of money at an early age. Today’s kids are quick learners and tech-savvy, so it’s easy for parents to teach them financial discipline, budgeting and saving habits.”