It is the fathers who are mostly the reason behind children growing extravagant and showing little respect, reveals a new survey on “Spending patterns of children: Who influences them the most?” conducted by ASSOCHAM.
In the survey, over 2,000 children from different public schools in Delhi, Mumbai, Chennai, Chandigarh, Lucknow, Dehra Dun, Pune and Bangalore were asked the reasons behind their spending habits. The survey team was told by 70 per cent of the children that their spending patterns were more influenced by their fathers and that their mothers had a very limited role in it.
The survey also found that the spending patterns of children were “very similar’’ to their parents, whether it was about buying everyday goods or indulging in luxuries.
It also highlighted that from an early age children learn about standards which lead to beliefs about many things, including financial issues. And as per the assessment, fathers were found to be more generous than mothers when it came to giving money to children.
The spending habits of the children were also assessed. As many as 49 per cent of children in the 8-to-10-years age group said they spend their money on sweets, chocolates and chips. But technology has also come to have a major say in their agenda. It was revealed that 76 per cent of the children in this age group had a mobile phone, while 87 per cent had a games console and 68 per cent owned an iPod.
As per the survey, parents were also entirely responsible for the increase in the spending habits of school-going children aged between 12 and 18 years.
Of the children surveyed, 70 per cent said they preferred being given a weekly allowance so that they were able to manage their money better. Those who receive pocket money on a monthly basis feel they spend it all too quickly.