Tech-savvy Indian teens are stuck paying with cash: Survey | #socialmedia | #children

CHENNAI: With the coronavirus pandemic, most people have turned to online shopping and tech-savvy Indian teens are no exception. However, while the trend of online shopping has only accelerated in the last six months, teens are stuck paying with cash as they are not part of the online financial ecosystem, says a survey by FamPay, India’s first Neo Bank for teenagers.
According to it, 84% Indian teenagers love to shop online but 67% are stuck paying in cash. And 52% teens pay through their parent’s debit/credit card, thereby continuing to be outside the digital financial ecosystem.
“Digital payments have become the ‘new normal’ for 300 million adults, but not for 250 million teenagers, making them totally dependent on cash or their parents’ cards for the last mile of completing a transaction. Today’s teens are tech savvy and it’s only logical that they be involved users in the digital payment ecosystem,” said Sambhav Jain, co-founder, FamPay. “
The survey was conducted in August 2020 with 1,200 teenagers in the age group of 10-19 years, across India with a majority of respondents from Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, Pune and Kolkata. Of these, 68% were male and 32% were female. The survey was meant to understand their payment and spending habits, lifestyle choices and aspirations.
Other findings from the survey say that teens spend money on food, clothes and gadgets, in that order. While spends on food is the highest among both boys and girls, 64% boys spend more on gadgets as compared to 21% girls. 66% teenage girls prefer to spend more on clothes compared to 49% boys. Teens also have strong preferences when it comes to brands.
Nearly 50% of all teens confirmed that they get money when they ask for it. Only 23 % receive pocket money and 25% said that they typically receive money on their birthdays or from visiting relatives during festivals. Only 4% teens receive money for chores.
When it comes to their social media behaviour, Instagram is the most popular with nearly 80% teens spending time on it, followed by YouTube and WhatsApp. Watching content is what 66% teens do most on social platforms, followed by consuming news, and being in touch with friends, in that order.
Teens cite mutual respect and trust as being important aspects of their relationship with parents. Nearly 36% say that they would like their decisions to be respected more while 34% said that they would like their parents to not stress so much over their studies. Interestingly, more teen girls would like their parents to trust their decisions, while not stressing about their studies was highlighted more by teen boys. 20% teenagers said that they would like their parents to spend more time with them.
The lockdown has disrupted routines for teens, just like everyone else. 20% teens miss eating out, 11% said they missed going to school, while an overwhelming 50% cite missing their friends the most during this time.

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