A new survey by Prudential Corporation Asia reveals that majority of children in Asia have poor money management skills, or so their parents say.  

The study titled "Financial Literacy Among Kids in Asia" showed that 96 per cent of children in seven Asian markets receive regular pocket money, with 80 per cent having the same in Hong Kong. However, only 13 per cent of parents regionally and 8 per cent in Hong Kong believe that their kids possess very good money management skills. The majority, 94 per cent regionally and 89 per cent in Hong Kong, said they want to get more involved in the learning process and are looking for tools to support their children's financial education. Television and the Internet were cited as the preferred media.

The study was conducted in conjunction with Oracle Added Value from March to May 2011, covering over 3,500 parents with kids aged seven to 12 years old in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The interviews were done face-to-face.

On the children's financial behavior, the survey found that 44 per cent of the parents regionally and 51 per cent in Hong Kong feel their children are saving only because they are told. Very few, 8 per cent regionally and 12 per cent in Hong Kong, think their kids are keeping track of their spending.

"Children are hugely influenced by what they see and when it comes to money, what they mostly see is spending. The principles of earn, save, spend and donate show children that they have choices with their money. Ultimately this practice will help to build essential and responsible money management habits," said Dr Alice Wilder, the internationally-recognised education specialist tapped for the study, in a statement.

The results of the survey are what prompted Prudential to launch a new cartoon series aimed at boosting financial literary among children. Cha-Ching Money-Smart Kids, the TV show, takes on an "edutainment approach" to teaching kids about handling finances and features a group of six characters with a different approach to money management. Each of the ten animated segments is three minutes long. Missed TV episodes may also be played back on its web site.

The first episode airs on the Cartoon Network in 9 September.