The professional capability of human being helps in earning money which comes to every hand for sure, but the quantity of money varies from person to person. Exercising decisions to manage money depends on attitude, knowledge, skills, and belief. These combined factors refer to the financial capability (FC) of individuals which differs from person to person. Even this is true in almost all the cases of members within a family. In the global sphere, the financial capability of individuals in India is ranked as one of the lowest in the world.
The unprecedented impact of pandemic due to COVID-19 has exposed the newer unknown risks and financial trouble to every individual. This unwarranted complex situation calls every individual to revisit the ways of thinking of making money, saving money, and spending money. During this pandemic, the level of financial capability of Indians has not significantly improved which is already at the lowest level in the world. Hence, they are at huge financial risks as the newer ways of fraud cases, including cyber and crypto frauds have increased multiple times.
The choice of financial product depends on income level, expenditure habits and free surpluses available in the normal circumstances in one’s life. Amid others, the factors determining of an individual’s future financial success or failure are- the information about financial products, access to financial services and the rights of investors in a regulated financial environment. Every product in this complex universe of financial market looks similar. All products in a class are claimed to be the most preferred ones by the instrument seller to proposers or buyers in terms of return percentage and benefits offered. Indeed, the reality of effective post-tax returns is found to be different which surprises to many investors.
In this context, what is required for India is to educate personal finance matters to the educated ones more importantly. This will help India improve financial capability.
With a view to impart financial knowhow and, thereby, help support Indian citizens towards attaining financial strength, TDP Global has initiated a drive to educate for informed decisions and sensitize individuals, families and society at large.
For more details, corporate or institutional enquiries for personal finance training programme to executive, please write your mail at [email protected] / [email protected]