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Better Grades Mean More Money for Kids: Survey

Sourav Majumdar
Published: Nov 30, 2013 06:38:48 AM IST
Updated: Nov 26, 2013 05:39:46 PM IST

A survey of over 1,000 parents conducted by the Bangalore-based ING Vysya Bank has found that parents prefer to dole out cash to their children if they get the desired marks in their school exams. Rather than give them pocket money, parents choose to incentivise the kids by paying them cash.

The online survey has redefined the concept of ‘pocket money’ which children usually get from multiple sources, essentially parents.

The survey, conducted over three months, showed the Indian parents’ preference is in contrast to parents in the West, where kids are given pocket money as a reward for household chores, points out Brett Morgan, country head for branch banking and private clients at ING Vysya Bank.

Among other key findings are that mothers are greater influencers when it comes to money management by kids. As many as 72.7 percent thought kids asked their mothers most questions about money.

Better Grades Mean More Money for Kids: Survey

(This story appears in the 13 December, 2013 issue of Forbes India. To visit our Archives, click here.)

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  • Anju Sharma

    inculcating saving habits in children is a great work .Finance management from very early age is must.

    on Dec 8, 2013