Do you know the Current Level of Financial Awareness India? Well, The bad news is that, It’s very low. But well, the Good news is that, it’s better than the developed countries like USA.
Yes, This is true. The Level of Financial awareness in India is much better than the western countries. At least Indians have not adopted the High Consumption Habits yet. High Consumer Habits is related to the upper Middle Class people only yet in India.
But, it doesn’t mean that we don’t need to worry. We need to worry a lot about this. Because our young generation is adopting the bad financial & high consumption habits. They are spending more than they earn. They have started believing in “Buy Today & Pay Tomorrow” (Credit Cards) culture.
I know several of my friends that, who spend lots of money behind buying new mobile handsets, computers and electronics. They are doing so because they want to show their high status. Unfortunately, People consider the Wealthy state by Food, mobile, Beverages, Cars, Clothes, Watches & other consumer goods choices.
But this is not true. A Person wearing Branded shirts, watches and mobiles not necessarily a wealthy person. People consider High Income people Rich & Wealthy people. But this is not true. Wealth can not be measured by Income. Wealth is what you accumulate & not you spend.
If you own several high status consumer products than it doesn’t mean that you are wealthy. Wealthy is one who owns Appreciating assets such as Stocks, Bonds, Gold, Real Estate, Businesses or any other assets….!!!!
Wealthy is one who has accumulated appreciating assets whole of his/her life. Unfortunately most of the people in India don’t know this fact. And only Financial Education is the key of spreading Financial awareness in India.
If we impart Best Quality Financial Education to the School Going children than they will be aware of the financial education.
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