Gen Z Dads Outsource Utility Payments To Kids To Teach Financial Literacy: Study
One lakh parents across India were the respondents of the study, which intended to highlight the importance of financial literacy among kids
Photo Credit : Pic Courtesy: Pixabay,
Junio, a kid-focussed startup that allows children to make secure offline and online payments, has conducted a study that 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 focussed 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 per cent of parents wanted their children to learn about healthy spending and saving habits, financial planning and investing.
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