Young people are increasingly signing up for financial literacy classes, which are taught by India’s leading financial institutions and are fueled by social media influencers who give financial advice but are often not trained to do so.
There was a time when young Indians received financial advice mainly through popular novels such as “Rich Dad, Poor Dad”. Despite the excellent concepts, the text was irrelevant to the Indian reader and the advice was impractical. Career guidance, on the other hand, was out of reach due to the high cost of hiring a financial planner. As a result, the Indian retail investor was mostly absent. It was then.
Today is different.
Financial independence and financial freedom have become mainstream in today’s world, thanks to a growing culture that values entrepreneurs and producers of wealth. It is promoted by young people who no longer consider employment as their only source of survival and development. Instead, a growing number of people think their money should work for them.
Change in the way we think about investing
These young people understand that investing is crucial for creating wealth and are not afraid to try different fads. One example is the huge interest generated by IPOs of new-age startups, the growing clamor for access to cryptocurrencies, and more.
Social media attraction – pros and cons
A huge community of influencers who regularly discuss wealth building and personal finance management is fueling this interest. They use social media to share their wealth building experiences, express their views and offer advice. They have continued to increase their influence.