A study by Junio, a kid-focused startup that enables kids to make secure offline and online payments, shows that 60% of Gen Z fathers use the Junio platform to pay electricity and water bills to their Outsource children and provide them with a small bonus in return. The study also focused on overcoming the old parenting paradigm when parents did not prefer to talk about money matters with their children.
The study included one lakh parents across India from the top 10 cities including NCR, Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Ahmedabad, Pune, Chandigarh and Lucknow. It was also cited that fathers outperform mothers in encouraging children to use modern means of payment such as smart cards, digital wallets, etc.
“Parents guide children by teaching them financial discipline and talking about money matters in the early years of childhood. You can empower the next generation by teaching them the value of money and saving for bad times. 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 devices like e-wallets and smart cards, and Junio makes it an enriching experience for kids and parents alike .” said Ankit Gera, co-founder of Junio.
The study found that Gen Z parents raise their children differently and talk to them about money issues 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.