October 16, 2020 6:34:05 pm
The teenagers of India are technologically adept, and in the period of lockdown this year, they may have become more dependent on the digital world. A recent survey has found that though digitally savvy, teenagers are using cash to pay for things, because they are not a part of the “online financial ecosystem”.
The survey, conducted by FamPay — India’s first Neobank for teenagers — reveals that while 84 per cent of Indian teens love shopping online, 67 per cent of them continue to pay in cash and 52 per cent pay using their parents’ debit/credit card. Additionally, it was also found that teenagers spend money on food, clothes and gadgets (in that order). While spending on food is the highest among both boys and girls, 64 per cent of boys spend money on gadgets as compared to 21 per cent of girls. Among girls, 66 per cent prefer to spend on clothes, compared to 49 per cent of boys. Also, teens have strong preferences when it comes to brands. Apple, Nike, H&M and Netflix emerged as the most popular brands among this cohort in their respective categories, the survey reveals.
It goes on to reveal that nearly 50 per cent of the respondents confirmed they get money when they ask for it. While only 23 per cent receive pocket money, 25 per cent said they typically receive money on their birthdays or from relatives during festivals. Surprisingly, only 4 per cent of teens revealed they receive money for doing chores at home.
When it comes to their social media behaviour, Instagram is the most popular channel with nearly 80 per cent of teens spending time on it, followed by YouTube and WhatsApp. Watching content is what 66 per cent of teens do most on social platforms, followed by consuming news, and being in touch with friends, in that order, the survey finds.
“From our interaction with teens, we know that parents don’t talk about money as much as they do about education with them. The teenage years are foundation building years, where one can acquire money skills and even afford to make mistakes while learning since the stakes are lower. It is crucial to form good habits during these years from financial skills to decision making,” Kush Taneja, co-founder, FamPay, said about the survey.
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