muvin and Momspresso.com Reveal Findings of a First-of-Its-Kind Teen-Focused Financial Literacy Survey Ahead of India’s Largest Money Olympiad for Students

• Over 80% of Indian teenagers use money for their every day bills
• 96% of Indian mother and father really feel that their baby doesn’t have sufficient data about cash administration instruments.​
• 93% of Indian youngsters are wanting to get extra financially literate & imagine their understanding is sub-par.

India’s teenagers are more and more exhibiting a sturdy inclination in direction of studying about new age digital monetary options. They are eager to boost their monetary literacy, based on the client survey co- compiled by muvin, India’s teen-centric pocket cash app and Mompresso.com. This first-of-its-kind teen-centric monetary literacy survey has revealed some very attention-grabbing insights that are intrinsically linked to the rise of pocket cash apps in India. The client sentiment market mapping was initiated to grasp Gen-Z’s wants for monetary literacy and their grasp over points pertaining to cash issues amidst the fast digitization of funds.

Understanding the buyer base

The client survey analysed responses shared by 600 teenagers finding out in grades seventh – twelfth together with their mother and father (600) pan-India together with main cities like Delhi, Mumbai, Kolkata, Bangalore, Hyderabad and Pune.

A Peek into the emotions of Indian teenagers. Do they know sufficient? Do they want to be taught?

Parents need the perfect for their youngsters and spend giant chunks of their time instructing youngsters necessary life classes they should know so as to succeed. One such space of dialog that has grow to be essential in right now’s day and age is round cash issues.

An overwhelming majority of the surveyed mother and father (96%) felt that their youngsters should not have sufficient data about cash administration instruments and want a trusted supply to imbibe monetary schooling. This was additional corroborated with 93% of teen respondents having expressed an curiosity to study digital funds; with simply a meagre 22% of them being assured of utilizing digital funds. Despite this overwhelming need to study fashionable digital fee instruments, over 80% of Indian college students use money as their major mode of making funds.

94% of the surveyed mother and father imagine that their youngsters are serious about studying about digital wallets reinforcing the necessity for a extra organised and reliable monetary recommendation mechanism. On the opposite hand, teenagers had been a step forward, with 70% desirous to study crypto property like blockchain and NFTs as properly.

This signifies immense studying potential amongst teenagers, who’ve additionally proven curiosity in studying about fashionable age monetary options. Taking from this studying, muvin is conducting FINMANIA, India’s Largest Money Olympiad for Students. FINMANIA shall be performed at over 200+ faculties in Mumbai, Delhi NCR, Bangalore, Hyderabad, Chennai & Pune and shall be open for on-line participation to college students from throughout the nation. The qualification spherical shall be held offline at collaborating faculties via the month of September this yr, whereas the web qualification shall be held between the 29^th of September & the 1^st of October. Top performers shall be chosen for the Zonal spherical, which is able to result in the All-India Finals to be held in October 2022. Over 100,000 college students are anticipated to take part, with a prize cash pool of INR 10 lacs, making FINMANIA India’s largest Money Olympiad for Students.

 

Mukund Rao, Co-Founder, muvin says, “Indian teens are becoming financially independent, more than ever before. As young consumers, they are opinionated when it comes to their personal life and the choices they make, whether it is related to gadgets, fashion, food or travel. Our vision is to empower India’s 250 million youth and teens with digital financial inclusion and financial literacy. All of our current solutions including our pocket money app, prepaid card and the RuPay keychain are fully self-assisted and self-managed, empowering India’s young teen consumer base to experience financial freedom in a simplified and secured manner.”

 

He additional provides, “The Financial Literacy survey conducted in tandem with Momspresso.com is timed perfectly with our upcoming challenge, India’s Largest Money Olympiad, which will test the financial knowledge of teens across the country. We believe this will further help us deep dive into the needs and sentiments of the parents and their teenage children and cater to them through more focused innovative solutions. We are confident that this partnership and upcoming initiatives will further amplify the need to instil financial literacy among teenagers and further encourage them to get accustomed to money management before they enter adulthood.” 

 

Speaking on the survey, Prashant Sinha, Co-founder & COO, Momspresso.com, stated, “There is a growing need for financial literacy among India’s youth, as is evident from the Financial Literacy survey. We are delighted to have partnered with muvin, in helping teens make better financial decisions, by increasing awareness through the research and the upcoming Money Olympiad – a first in India at this scale.”

 

The registrations for India’s 1st Money Olympiad by muvin are open from 28 August until 28^th September 2022.