Mumbai, Maharashtra, Bangalore, Karnataka, India, Wednesday, November 13, 2013
-- (Business Wire India)
Over 50% of respondents who participated in an annual ING survey, said they
don't believe in giving their children pocket money, but prefer to dole out cash
if they meet desired marks in school exams. The finding has redefined the
concept of “pocket money” children gather from multiple sources, primarily
parents. Over 1,000 parents participated in an online survey conducted by ING
Vysya Bank over a period of 3 months, with 60% of them residing in metropolitan
cities while remaining representing the rest of the country. The Annual ING ZING
survey is meant to capture the changing behavioral trends among parents and kids
on money management and how they adapt to each other's needs and requirements.
“Indian parents' outlook towards giving money to their kids is unlike parents
in the west, who treat pocket money as a reward for household chores. Indian
parents, instead use it as a way to reward better grades and higher degree of
responsibility,” said Brett Morgan, Country Head – Branch Banking & Private
Clients, ING Vysya Bank.
Also mothers edged out fathers as influencers when it came to money management
by children; 72.7% of respondents thought kids asked mothers maximum questions
about money. The survey also noted that 60% of respondents prefer to park their
funds in Fixed Deposits (FDs) when it comes to allocating funds to their child's
future requirements as against other asset classes.
The survey also highlighted the fact that over 70% parents believe that saving
money is a necessary skill to be taught to their children. In order to ensure
that the kids have a hands-on approach for money management skills, around 52%
of parents opened a dedicated bank account for their children up from 40% last
year, thereby helping them deposit money etc at a much younger age than public
perception. Another finding observed that parents believe that handing over the
responsibility of depositing money in a savings account makes them more mature.
About ING Vysya Bank
ING Vysya Bank Ltd is a premier private sector bank with retail, private and
wholesale banking platforms that serve over two million customers. With over 80
years of history in India and leveraging ING's global financial expertise, the
bank offers a broad range of innovative and established products and services,
across its 547 branches. The Bank, which has close to 10,000 employees, is also
listed in Bombay Stock Exchange Limited and National Stock Exchange of India
Limited. ING Vysya Bank was ranked among top 5 Most Trusted Brands among private
sector banks in India in the Economic Times Brand Equity – Neilsen survey
For more information, visit www.ingvysyabank.com
ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a broad
customer base. With more than 82,000 employees, ING serves over 61 million
private, corporate and institutional customers in over 40 countries in Europe,
North America and Latin America, Asia and Australia.
For more details on the survey and findings and an interesting info graphic with
artwork files, please click this link.
To view the ING survey infographic please click on the link given below:
ING survey infographic
Media contact details
ING Vysya Bank Limited,
+91 (80) 25005072,
Contributed via: Bloomberg Publisher WEB Service
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-0- Nov/13/2013 11:29 GMT
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