Urban teens pocket money swelling despite inflation: Survey

In the survey -- "Current Pocket Money Trends in Urban India" -- over 3,000 teenagers and young adults, 600 each from five metropolitan cities of New Delhi, Chandigarh, Ludhiana, Chennai and Kolkata were interviewed by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) under the aegis of ASSOCHAM Social Development Foundation (ASDF). Those surveyed were in the 12-20 age group.

"Schoolchildren and college students who were getting Rs.450-500 per month till 2005 are today getting around Rs.3,600 per month to an astonishing Rs.12,000 per month and above across urban India," said ASSOCHAM secretary general D.S. Rawat.

Teenagers and young adults in the age group of 12-20 years were targeted by the survey and it was observed that their monthly pocket money had increased by eight to 10 times over the last six years. Children as young as seven to 10 are spending Rs.50-100 every week.

The survey indicated that those surveyed were spending around 55 percent of their pocket money on gadgets like digital cameras, i-pods, mp3 players, game consoles and cellphones.

About 25 percent preferred to spend on movies and malls while the remaining 20 percent on eating out and food. Teens with girlfriends spent more than their single peers.

About 35 percent of the respondents in the capital received around Rs.10,000-12,000 per month as pocket expenses. Nearly, 30 percent said they got between Rs.8,000-10,000 and 20 percent received Rs.4,000-8,000 per month. The remaining 15 percent got Rs.3,000- 3,600 per month as pocket money.

Youngsters in Punjab preferred a weekly allowance as they could manage their money in a better way claiming that even if they spend it all too quickly they would not be left broke for the rest of the month.

Kids in Chandigarh came second as their monthly pocket allowances have soared to a maximum of Rs.10,000. A majority of them received a minimum of Rs.2,500 per week.

Ludhiana followed closely as 45 percent of the kids there got a minimum of Rs.2,000 as weekly allowance.

Kolkata came in fourth where more than half of the kids got a maximum pocket money of Rs.5,500 per month whereas 26 percent got Rs.4,000-5,000 per month. The remaining 22 percent had a monthly pocket money between Rs.3,000-4,000.

Parents in Chennai accentuated more on instilling financial discipline in their kids and the state stood last in the survey. Around 65 percent of the kids got a maximum of Rs.4,000 per month and only a handful 10 percent got Rs.5,000 as monthly pocket money.