Warren Buffet started investing when he was 11 years old. And he admitted that he was too late. What to say about our Indian youth. I am in the profession where I deal only with youth of India. I have interviewed many and had a talk with them about their future and saving and investment plans. Invariably I got two answers for my two questions. “What is your goal in life”? Answer “I want to become a very successful and rich person in life”. Are you investing some knowledge and money to build up a wealth in both ways for a rich life you aspire for? And the answer “I am studying and my parents are saving for my future”.
This is the mental set up of a person in India that parents save for the future of their children and the generations are going on like this. And if it is actually fructifying no normal person should be struggling in India as they have a power backup of the savings done by their parents.
First of all there is a problem in India that many people take savings as synonym of investment. And moreover youth think that this is not their cup of tea now. Savings is done by parents. At times they have sarcastically laughed at my question.
Everywhere financial inclusion is being talked about and unbanked people are brought in the gamut of banking but what about those youth who are between the age group of 16-25, and have no saving and investment plan of their own. And they are our demographic dividend.
They should follow the pattern of earning while learning. They can earn, spend, save, invest and repeat. Why they are like parasites on their parents till they get job… sometimes till the age of 30. No parents live their life fully as they continuously save for the well being of their children.
The small investment by the youth can make a big difference in their life and they can become the direct contributor in growth of Indian Economy.
How….will be followed in the next blog.
About the Author
DR. ANINDITA SHARMA
Dr. Anindita is an associate professor in Jaipuria School of Business