Youth Financial Literacy! 96% of parents feel their children lack financial management knowledge; Investigation

An overwhelming majority of parents, 96%, felt their children didn’t know much about money management tools and needed financial education from trusted sources. The data was recorded in a survey conducted by Muvin and Momspresso to see the state of financial literacy among young people.

However, the survey also highlights the growing propensity of young people to learn the financial solutions of the digital age. He revealed that nearly 93% of teens are interested in learning about digital payments, and just 22% of them are confident using them.

Muvin, headquartered in Bengaluru, is a teen-centric pocket money app run by co-founders Mukund Rao and Vineet Gupta. While Momspresso was founded in 2010 to empower women to express themselves and earn money using the platform. The two companies came together to plan, implement and execute the survey.

The co-founder of Muvin said, “Teenagers in India are becoming more financially independent than ever. As young consumers, they have opinions about their personal lives and the choices they make, whether related to gadgets, fashion, food or travel. ,” reported Live Mint.

The survey conducted by two companies analyzed the responses of 600 teenagers who study in grades 7 to 12 with their parents. Additionally, the survey revealed that 94% of parents believe their children are keen to learn about financial solutions and digital payments through multiple mechanisms.

Getting a head start, nearly 70% of teens surveyed highlighted that they want to learn more about crypto assets such as non-fungible tokens and blockchain technology.

Why is effective money management important?

The money management aspect of everyone’s life is crucial as it manages finances, the most vital factor in keeping life smart. Managing your own finances gives a better perspective of the money spent – ​​where is it going and how is it being spent? This leads to budget savings and increases personal savings, effective in the long run.

It is also an important tool for achieving financial goals because it teaches the person to control their money. People who watch their spending and review it periodically reach their financial goals sooner than people who don’t follow the rules of money management. As for young people, they have more opportunities to invest the money as it grows over time.

Co-founder and COO of Momspresso.com, Prashant Sinha, said, “There is a growing need for financial literacy among young Indians as the financial literacy survey shows. We are thrilled to have partnered with Muvin to help teens make better financial decisions by raising awareness through research and the upcoming Money Olympiad – a first in India on this scale.”

Many teens don’t keep track of their spending and ignore the long-term losses they make. For example, teens who use online banking or other similar platforms track their expenses better than others who run offline expenses without tracking. Tracking mechanism helps to achieve financial goals sooner as it is effective in saving balances.

Also Read: Rajasthan Government Decides to Fund Distance Education for Female Students in the State and Provides Fee Reimbursement

Sarah J. Greer