Financial Literacy
- By Abhirup Dey
- In Blog
- 15 comments
It is quite evident that young working professionals, if not the older ones, hardly have any basic Financial Education. It depicts the lack of their own self awareness and intent to become financially independent, not to mention the non existence of a proper yet simple guidance from their parents or mentors. Many of them come close to the word “Saving” once in a blue moon and to most of them “Investments” are extraterrestrial.
The more amazing thing is the disarrayed correlation between their earning and spending. They are on a spending spree whenever there are occasions or so called “Discounted Offers” in the market. The actual need of the merchandise is least important. Apart from that, dining out, hanging out etc. with friends and acquaintances on a relatively frequent basis, other impulsive spending which are hardly meaningful except giving some momentary happiness are added to their long spending list.
And the effect of the above activities???
They just fall in a debt trap. Some of them beg to their parents for sponsoring their nonsense activities, despite having a monthly salary. Some are a step ahead. They go to their friends & acquaintances to avoid uncomfortable queries from parents to balance their deficit spending.
The next level is very much predictable. Money borrowed from A is repaid by the borrowings from B and B is repaid with the help of C’s lending and it goes on. The issue is not about the proper repayment of the debts rather it shows the financial indiscipline among so many people, especially the young adults. They are so immersed in such a chaotic lifestyle that they can’t even think of cutting down rubbish expenditures, let alone educate themselves financially. Astonishingly, they are not at all ashamed of their state. On the contrary, they are proud of themselves in leading such a dreadful lifestyle. Basically, they
don’t possess anything called “Self-respect”.
The irony is, these species always complain about their lack of money and on the occasion of “Lakhsmi Puja” they expect the goddess to do something extraordinary to turn things around overnight.
The only truth is, “Magic” can’t precede “Logic”
As a bottom line it can be said that, how much one saves & invests is far more important than how much one earns.
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Comments
Very much true…To become financially independent, you need to save first and then the rest follows…
I am really impressed with your writing. Keep it up!
Fresh, thought-provoking, and wonderfully orchestrated with a careful yet lucid use of humour.
Great article.
Very useful and informative writing
Very good analysis about young generation
Excellently depicted the current scenario of youngsters….it’s true one should avoid over lending as to avoid chaotic life .Keep it up!
Aptly put. Keep writing.
Really excellent writing 👌
Carry on dear! 👍
Hi…this is really very Valuable as well as informative piece of work . At this present era financial literacy is as important as accademic education. Keep it up …
It’s quite important the “financial literacy”.
Please enclose with some tips , or books name, or any help we can find easily , to get the right concept. Because irregular, unplanned saving is not going to help economy to that level where it is planned.
Thank you !
Nice & impressive writing 👍
You are an amazing writer! This is clear, concise n complete. Keep going!
Nice 👍
The sign of the times aptly described!