Pocket Money or Pocket Full of Money?

vpaulose By vpaulose, 29th Sep 2010 | Follow this author | RSS Feed | Short URL http://nut.bz/1pj3jbpu/
Posted in Wikinut>Money>Utilities

India is shining. It may be due to the conspicuous spending of its people. The young Indian is emerging as the biggest and most influential consumer in the market. Indian economics can be described as teenomics.

Pocket Money or Pocket Full of Money?

Oscar Wilde said, “When I was young I used to think that money was the most important thing in life. Now that I am old, I know it is.” But the growing generation of India does not seem to care about the money they spend. A consumerist teen generation is the deciding factor of the Indian consumption. For the growing generation of India, money obviously seems to grow on trees! That is why they are able to spend lavishly, even if their breadwinners have to suffer and starve!

Pocket money culture in India

I am not aware of the facts about pocket money in other countries; but in India the culture of pocket money is strangling the parents, especially the middle class people. One of the problems that the modern nuclear family system has brought is the readiness of parents to provide their children whatever they ask for. The parents are, in a way, blackmailed by their sole descendents to yield to them in everything. Decades back, kids never had this pocket money habit. But today, giving pocket money to their kids, even if they do not demand, has become a fashion.

A shocking statistics

It is believed today that the Indian market is decided by the consumerist teen generation of India. Middle and upper middle class families are prey to this trend. It is not surprising to find even school students having mobile phones and credit cards to pay their bills in the school canteen!

A recent survey conducted by Cartoon Network covered about 9,000 respondents from 15 Indian cities found out that kids under 14-year-age group spent an impressive about of 3640 million rupees a year! The amount was their regular pocket money! Surveys say that Mumbai kids received the highest monthly pocket money.

How do the kids spend their pocket money?

Studies say that the pocket money of the kids was mainly spent for ice cream, soft drinks and movies. The kids aspire to own expensive mobiles, cameras and other electronic things. They have very high brand awareness to own their favorites.

Modern kids want to spend

There is no surprise to find juvenile delinquencies increasing among these kids. There was a newspaper report about five teenagers from a Mumbai suburban area were arrested for stealing motorcycles and selling them cheap. There was news from Chennai about three school boys of 12to 14-year old, who murdered a 10 year-old kid studying in their school, just for some mean amount. When a 14-year-old school student from a poor family found that he could not afford to purchase the expensive cricket kit that his friends and classmates flaunted, he ended his life by suicide. Girls also have become the victims of this pocket money fashion. All these are because of the changing lifestyle of the modern families.

Teach your kids the value of money

Jim Rohn, a motivational speaker once said, “Discipline is the bridge between goals and accomplishment.” Parents should understand that the key to success is discipline. They should teach their children the value of money and the importance of careful spending. They should not be easily carried away by advertisements.

Pocket money has become the fashion of the day. Kids have their pockets filled with money, squeezed from their ready-for-everything parents. It is easier to spend; but how hard the parents have to perspire just to make their kids happy!

Tags

Fashion, Juvenile Crimes, Kids Misled, Lavish Spending, Pocket Money

Meet the author

author avatar vpaulose
I just want to write, write and write. I just want to contact the thirsty writers. Please give me your feedback.

Share this page

moderator laluls212 moderated this page.
If you have any complaints about this content, please let us know

Comments

author avatar Retired
1st Oct 2010 (#)

Very good I agree with you about teaching your kids the value of money

Reply to this comment

Add a comment
Username
Can't login?
Password