Indians traditionally consider parents as emergency fund and children as retirement corpus. For the changing times, DSIJ takes you through the financial planning process that will help you build your own corpus to create emergency and retirement fund.
It is a statistic that has been held consistently for a long period now, but it was exposed recently by a survey done by a fund house. Take 100 Indians—of these 68 expect their children to support them at some point in their retirement, whereas 58 think they will not be able to live comfortably in their golden age, and worse, 64 are worried about the rising cost of healthcare. Such worries do not come out of their lower earnings, but their inability to anticipate future financial needs. Only 33 percent of working Indians are putting money aside for retirement and are saving only 71% of the required amount.
Managing finances can be stressful. This holds true even for finance professionals who are supposed to be adept with finance and understand its importance. The issue of personal finance becomes more challenging as individuals become responsible for their long term financial well-being. Therefore, financial planning becomes important, not just for people who have never thought about their finances, but also for everyone, and whatever the situation.
Financial planning should not worry you as it does not take much to get financially organized. You owe it to yourself to choose a financial lifestyle that helps you secure your future financially. Getting the advice of an expert with the right sign-posting may be the starting point that will relieve much of the weight off your shoulders. It has been observed that individuals who work with financial planners feel better prepared to achieve their financial goals. So what is financial planning all about?
What is financial planning?
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