The study shows that 50 per cent of kids receiving pocket money came from Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Ahmedabad, Pune, Chandigarh, and Lucknow.
Mothers give more pocket money to kids than dads, according to a study of over one lakh parents. The study by Junio suggested that kids receive an average of over Rs 1500 from mothers while dads hand out somewhere around Rs 1100.
The study shows that 50 per cent of kids receiving pocket money came from Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Ahmedabad, Pune, Chandigarh, and Lucknow, and their average monthly allowance was higher than children in other cities.
Mothers play a vital role in teaching money management lessons to kids and establishing a firm financial foundation for them. The survey revealed that mothers are giving their kids first-hand experience of different money management skills like monthly budgeting, controlling expenses, saving, and keeping track of all of their transactions.
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What do children do with their pocket money?
The study shows that children majorly spend their pocket money on utility payments such as mobile recharge, fuel bills, cab rides, food bills, etc. Tracking the cash flow and the monthly allowance, the other significant spending was seen on platforms like Zomato, Swiggy, Zepto, Paytm, PhonePe, Blinkit, Flipkart and Amazon.
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Commenting on the findings of the study, Ankit Gera, Co-Founder of Junio, said, “Mothers are taking a lead role in teaching kids financial discipline. Raising financially literate kids and giving them the virtues of healthy spending and saving habits is one of the best gifts parents can give to their children.
”Saving for a rainy day 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, and Junio has always been committed to making the journey simpler and more exciting for both kids and the parents,” he added.
