96% Indian parents feel their children lack financial know-how: Survey | Mint – Mint

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94% of parents believe that their children are interested in learning about digital wallets reinforcing the need for a more organised and dependable financial advice mechanism
An overwhelming majority of Indian parents, 96%, felt that their children do not have enough knowledge about money management tools and need a trusted source for financial education, according to a survey by muvin and Momspresso.
Headquartered in Bengaluru, muvin is a teen-centric pocket money app led by co-founders Vineet Gupta and Mukund Rao.
On the other hand, Momspresso.com, launched in 2010, aims to empower women to express themselves and earn through the platform.
According to the survey, India’s teens are, however, increasingly showing a strong inclination towards learning about new age digital financial solutions.
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.
The survey analysed responses shared by 600 teens studying in grades 7-12 along with their parents (600).
Further, 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 non-fungible tokens (NFTs) as well.
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.“
“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,” Prashant Sinha, co-founder & COO, Momspresso.com, said.
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