Gen Z parents are raising their kids differently and discussing money matters with them in the early years of their childhood. More than 90 per cent of parents want their children to learn about healthy spending and saving habits, financial planning, and investing, according to a study.
Generation Z, also known as Gen Z, are persons born between 1995 and 2012. The study, conducted by kid-focused start-up Junio, covered over one lakh parents from the top-10 cities, including NCR, Mumbai, Bengaluru, Hyderabad, Chennai, Kolkata, Ahmedabad, Pune, Chandigarh, and Lucknow.
It also said fathers surpass mothers in encouraging kids to use modern payment tools like smart cards, digital money wallets, etc. Junio is a kid-focused start-up that allows children to make secure offline and online payments.
“The study showed that 60 per cent of Gen-Z dads on Junio’s platform outsource utility payments of electricity and water bills to their kids and reward them with a small bonus in return. The study also focused on beating the old parenting paradigm when parents didn’t prefer discussing money matters with their kids. Financial parenting is the new normal and there is an urgent need of creating awareness regarding this among new-age parents to teach financial literacy to the younger generation,” according to a statement by Junio.
The study revealed that Gen Z parents are raising their kids differently and discussing money matters with them in the early years of their childhood. The study also highlighted that over 90 per cent of parents wanted their children to learn about healthy spending and saving habits, financial planning, and investing.
Ankit Gera, co-founder of Junio, said, “Parents are leading kids by teaching them financial discipline and discussing money matters in the initial years of their childhood. They can empower the next generation by teaching them the value of money and saving for a rainy day. Today’s kids are growing up in a high-tech world and it’s good to encourage them to use virtual cash and digital payment tools such as e-wallets, and smart cards, and Junio is making it an enriching experience for both kids and the parents.”
Junio, a digital pocket money app, is helping parents to track their kid’s expenses and teach them the concepts of financial management while giving them exposure to digital banking. Parents need to make a conscious and consistent effort to discuss finances, model good financial decision-making, and provide opportunities for kids to practice earning, budgeting, saving, and spending.
A survey indicates that 80 per cent of the consumers prefer to ‘Swipe, Tap and Track’ and manage their money digitally. Seeing the comfort it offers, the number of digital banking users is expected to reach 3.6 billion by 2024. India has the world’s largest millennial & Gen Z population, and this young segment is leading the adoption of digital payments as it offers a speedy transaction experience.