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A majority of tech-savvy Indian teenagers are relying more on cash payments even as digital payments witness a major uptick in India according to a report by FamPay, a homegrown neo-bank for teenagers.
According to the survey, though 84 per cent of Indian teens love to shop online, 67 per cent of teens continue to pay in cash.
“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,” said Sambhav Jain, Co-Founder, FamPay.
“Today’s teens are tech-savvy and it’s only logical that they are involved users in the digital payment ecosystem,” he added.
As per the survey, online shopping has accelerated during the lockdown. As for the shopping habits of India’s teens, they’re spending money on food, clothes and gadgets in that order.
Food expenses are equally high among teenagers. In terms of gadgets, 64 per cent of boys spend more on gadgets as compared to 21 per cent of girls, the report said.
“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 report added.
According to the report, 52 per cent of teens who opt for digital payments, pay through their parent’s debit/credit card. 23 per cent of respondents said that they receive pocket money while 25 per cent said that they typically receive money on their birthdays or from visiting relatives during festivals.
“From our interaction with teens, we know that parents don’t talk about money as much as they do about education with them,” said Kush Taneja, Co-Founder, FamPay.
“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 forming good habits during these years from financial skills to decision making,” he added.
The report is based on a survey conducted in August 2020 with 1200 teenagers across India.
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