My Daddy, My Wallet
The youth today have way more expenditure than ever before- be it wearing the trendiest clothes or flashing the newest smart phone. The market is screaming to these young folks to BUY, BUY, BUY! And what complicates things is the endless list of choices versus the limited resources at their disposal.
Although a lot of these young millennials are finding small jobs that are easy and quick pocket money, parents are still their biggest source of money. 55% of them take money from their parents once a month and 45%take money more than once- as per their convenience. This money is normally given for every day expenditures, like commuting, eating and the occasional party.
For our research, we spoke to the youth and asked them this question- Apart from regular pocket money, how do they get some extra moolah (or something they want to buy) from their folks?
Here are the two most common answers we got:
- Negotiating a deal: Money/ something they want in return for the promise of completion of one / multiple chores
- Guilt tripping: Telling their parents that they absolutely must have something, a.k.a, keeping up with the Joneses.
The current generation of the youth have been brought up by a new breed of anxious parents, who want to make sure their kids have everything. As an effect of this anxiety, most parents try and provide for all the youth’s needs with immediacy.
Watch this space for more insights. For more youth trends, please go to on www.mtvplay.in or drop a line at firstname.lastname@example.org
About MTV Insights Studio:
MTV Insights Studio brings you the latest from the life of the youth. This unique understanding comes from being a part of their lives every day and not from watching them from the outside. The statistics and trends are taken from various MTV youth studies including Age of Sinnocence, Digital Socialite, Recreation Redefined, and discussions on MTV iSpeak. These researches capture responses from 15-24 year olds across 10+ cities in India. MTV iSpeak, which provides MTV a continuous connect to youth life, is a network of people between the ages of 18-24 from colleges across 10 cities in India.