- Over 80% of Indian teens use cash for their daily expenses
- 96% of Indian parents feel that their child does not have enough knowledge about money management tools.
- 93% of Indian teenagers are eager to get more financially literate & believe their understanding is sub-par.
India’s teens are increasingly showing a strong inclination towards learning about new age digital financial solutions. They are keen to enhance their financial literacy, according to the consumer survey co- compiled by muvin, India’s teen-centric pocket money app and Mompresso.com. This first-of-its-kind teen-centric financial literacy survey has revealed some very interesting insights which are intrinsically linked to the rise of pocket money apps in India. The consumer sentiment market mapping was initiated to understand Gen-Z’s needs for financial literacy and their grasp over issues pertaining to money matters amidst the rapid digitization of payments.
Understanding the consumer base
The consumer survey analysed responses shared by 600 teens studying in grades 7th – 12th along with their parents (600) pan-India including leading cities like Delhi, Mumbai, Kolkata, Bangalore, Hyderabad and Pune.
A Peek into the sentiments of Indian teens. Do they know enough? Do they wish to learn?
Parents want the best for their children and spend large chunks of their time teaching children important life lessons they need to know in order to succeed. One such area of conversation that has become crucial in today’s day and age is around money matters.
An overwhelming majority of the surveyed parents (96%) felt that their children do not have enough knowledge about money management tools and need a trusted source to imbibe financial education. This was further corroborated with 93% of teen respondents having expressed an interest to learn about digital payments; with just a meagre 22% of them being confident of using digital payments. Despite this overwhelming want to learn about modern digital payment tools, over 80% of Indian students use cash as their primary mode of making payments.
94% of the surveyed parents believe that their children are interested in learning about digital wallets reinforcing the need for a more organised and dependable financial advice mechanism. On the other hand, teens were a step ahead, with 70% wanting to learn about crypto assets like blockchain and NFTs as well.
This indicates immense learning potential among teens, who have also shown interest in learning about modern age financial solutions. Taking from this learning, muvin is conducting FINMANIA, India’s Largest Money Olympiad for Students. FINMANIA will be conducted at over 200+ schools in Mumbai, Delhi NCR, Bangalore, Hyderabad, Chennai & Pune and will be open for online participation to students from across the country. The qualification round will be held offline at participating schools through the month of September this year, while the online qualification will be held between the 29th of September & the 1st of October. Top performers will be selected for the Zonal round, which will lead to the All-India Finals to be held in October 2022. Over 100,000 students are expected to participate, with a prize money pool of INR 10 lacs, making FINMANIA India’s largest Money Olympiad for Students.
Mukund Rao, Co-Founder, muvin says, “Indian teens are becoming financially independent, more than ever before. As young consumers, they are opinionated when it comes to their personal life and the choices they make, whether it is related to gadgets, fashion, food or travel. Our vision is to empower India’s 250 million youth and teens with digital financial inclusion and financial literacy. All of our current solutions including our pocket money app, prepaid card and the RuPay keychain are fully self-assisted and self-managed, empowering India’s young teen consumer base to experience financial freedom in a simplified and secured manner.”
He further adds, “The Financial Literacy survey conducted in tandem with Momspresso.com is timed perfectly with our upcoming challenge, India’s Largest Money Olympiad, which will test the financial knowledge of teens across the country. We believe this will further help us deep dive into the needs and sentiments of the parents and their teenage children and cater to them through more focused innovative solutions. We are confident that this partnership and upcoming initiatives will further amplify the need to instil financial literacy among teenagers and further encourage them to get accustomed to money management before they enter adulthood.”
Speaking on the survey, Prashant Sinha, Co-founder & COO, Momspresso.com, said, “There is a growing need for financial literacy among India’s youth, as is evident from the Financial Literacy survey. We are delighted to have partnered with muvin, in helping teens make better financial decisions, by increasing awareness through the research and the upcoming Money Olympiad – a first in India at this scale.”
The registrations for India’s 1st Money Olympiad by muvin are open from 28 August till 28th September 2022.