Kids receive an average of over Rs 1,500 from mothers while dads hand out somewhere around Rs 1,100. It also cited that mothers play a vital role in teaching money management lessons to kids and establishing a firm financial foundation for them.
This International Mother’s Day, Junio, a fintech startup that allows children to receive digital pocket money, has analysed the trends over one lakh parents that showed that when mothers paid pocket money, the amount paid was more than what the fathers paid to their kids.
The data also showed that 50 percent 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 other children in other cities.
Further, the study 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.
It suggested 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.
Speaking about the latest 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.”
