Indian parents admit their child doesn’t know enough about money management tools

Edited by Deepender Thakur,Updated: August 30, 2022 4:55 p.m

Teenagers in India are more inclined to learn about modern digital financial solutions

New DelhiTeenagers in India are more likely to learn about modern digital financial solutions. Indian teenagers want to increase their financial literacy, according to a consumer survey compiled by Muvin and Mompresso.com, a pocket money app that focuses on teenagers in India. This first-of-its-kind teen financial literacy survey has revealed some very interesting insights that are central to the rise of pocket money apps in India. Consumer Sentiment Marketing Mapping was initiated to understand Gen-Z’s needs for financial literacy and their understanding of money-related issues amid the accelerating digitization of payments.

understanding of the consumer base
The consumer survey looked at responses shared by 600 teenagers and their parents (600) studying in class 7-12 across the country, including major cities like Delhi, Mumbai, Kolkata, Bangalore, Hyderabad and Pune.

A look at the emotions of Indian teenagers. Do they have enough information? Do they want to learn?
Parents want the best for their children and spend a lot of time teaching their children the necessary and important lessons to succeed in life. One such part of the conversation that has become important in this day and age is the question of money.

The majority of parents surveyed (96%) felt that their children did not know enough about money management tools and needed a reliable source for financial education. 93% of teen respondents expressed an interest in learning about digital payments and confirmed it; Only 22% of teenagers trust using digital payments. Despite this huge desire to learn about modern digital payment options, more than 80% of Indian students primarily use cash to make payments.

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94% of parents surveyed believe that their children are interested in learning about digital wallets, stressing the need for a more organized and reliable financial advice mechanism. Teenagers, on the other hand, were a step ahead, as 70% of them also wanted to learn about blockchain and crypto assets like NFTs.

This shows that there is immense learning potential among teenagers who have also shown interest in learning about modern financial solutions. Following this learning, muvin is organizing Finmania, India’s biggest money olympiad for students. FINMANIA will be held in over 200 schools across Mumbai, Delhi NCR, Bangalore, Hyderabad, Chennai and Pune and students across the country will be able to participate online. The eligibility round will be conducted offline in the participating schools from the month of September this year, while the online eligibility round will be held between September 29 and October 1. The best players will be selected for the zonal round, which will progress to the All India finals to be held in October 2022. More than 100,000 students are expected to participate. With a prize money of 10 lakh, Finmania will become India’s biggest Money Olympiad for students.

Mukunda Rao, Co-Founder, Muvin says, “Indian teenagers are becoming more financially independent than ever. As young consumers, they are bound to have a say when it comes to their personal lives and choices, whether related to gadgets, fashion, food or travel. Our mission is to empower India’s 250 million youth and teenagers with digital financial inclusion and financial literacy. All our existing solutions, including our pocket money app, the prepaid cards and the RuPay Keychain, are completely self-managed and self-managed, enabling young teenagers in India to experience financial freedom in a simple and secure manner.

He further adds, “The financial literacy survey conducted in association with Momspresso.com is perfectly in sync with our upcoming challenge, India’s Biggest Money Olympiad, which will test the financial knowledge of teenagers across the country. We believe this will help us deeply understand the needs and feelings of parents and their teenage children and meet them with more focused and innovative solutions. We are confident that this partnership and upcoming initiatives will enhance the need to improve financial literacy among teenagers and encourage them to get used to managing money before they reach adulthood.”

Commenting on the survey, Prashant Sinha, Co-Founder and COO, Momspresso.com said, “There is a growing need for financial literacy among India’s youth, as evidenced by the Financial Literacy Survey . We are excited to partner with Muvin to help teenagers make smarter financial decisions, increasing research and awareness with the upcoming Money Olympics, the first of its kind in India.” Registrations for muvin India’s 1st Money Olympiad are open from 28th August to 28th September 2022.

All about muvin
muvin is led by co-founders Vineet Gupta and Mukunda Rao, based in Bangalore. muvin has a promising vision to make India’s GenZ financially independent and create financial awareness among the student population.

With Muvin, parents can create accounts for their children as dependents or youth and teens to create their own independent portfolio by completing a simple KYC. Parents can directly transfer their pocket money to the child’s wallet which can then be used to make payments online or offline with their contactless muvin card available in various designs. muvin provides a safe and secure environment for students and parents to engage and transact. muvin helps students learn the nuances of money in the most fun and exciting way, through great short videos and written content that is relevant and necessary for students. The apps are available on Android and iPhone and can be downloaded from the App Store and Gaggle Play

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