This Father’s Day, Junio, a kid-focused startup that allows children to make secure offline and online payments, has conducted a study that showed that 60% 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.
The study was conducted with over one lakh parents from the top 10 cities, including NCR, Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Ahmedabad, Pune, Chandigarh, and Lucknow. It also cited that fathers surpass mothers in encouraging kids to use modern payment tools like smart cards, digital money wallets, etc.
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% of parents wanted their children to learn about healthy spending and saving habits, financial planning, and investing.
Speaking about the latest study, Ankit Gera, Co-Founder, 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% 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.