India has definitely come a long way when it comes to literacy. We have achieved 73% literacy rate in recent years, up from 17% at the time of independence. While we should cherish and celebrate that most of us are now educated and India can achieve 100% literacy in few years to come, the other set of data paints a completely different picture. As per recent data, only a few of us are financially educated. If the data compiled by the survey conducted in 2015 to be believed; only 24% of the Indians are financially literate. Financial literacy is as important as getting a basic education. According to its literal definition, financial literacy is the ability to use knowledge and skills to take effective and informed wealth management decisions. For a country like India, this plays a bigger role as it is considered an important appurtenance to the promotion of financial inclusion and ultimately financial stability. Since most of us are not Ph. Ds in the subject, hiring a financial planner becomes extremely important for us.
Financial illiteracy also puts a burden on the nation in the form of higher cost of financial security and lesser prosperity. An example of this is the fact that most of the people resort to invest more in physical assets and short-term instruments and not in long term investments.
A survey conducted by Aviva Life Insurance Company says that Indians dream big. No doubt!. But when it comes to plan their goals and act accordingly; they fail. As per this survey report, Indians are poor financial planners. The survey had two indices: Dream and plan index. While dream index stood at 61 for a topmost tier, plan index was just 24. In India, investments are majorly done because of tax benefits and not because of product benefits.
So, if you ask yourself “Do I need a financial planner?’, the answer would be yes in 90% of the cases. It is not that the educated ones out there won’t be able to manage their money and plan well, but it is any day better to leave certain tasks in the hands of experts
You can reach out to those few individuals who have any one of the following qualifications:
Generally, Certified Financial Planner and Chartered Financial Consultant are approached for advisory and financial planning purpose.
One of the best Certified Financial Planners in Delhi is Mr. Mukesh Gupta. He is a Chartered Accountant as well and has over 23 years experience in Wealth Management industry. You can approach him for online investment advisory as well. Visit Wealthcare Securities to know more.
A financial planner for you is exactly like a coach to any player. You should be able to trust him or her with your money. Any good advisor will educate his client about related knowledge and will involve him in all financial decisions. Make sure you are quite comfortable in sharing your life goals and money related information with your planner- he will be able to advise you accordingly and construct a bridge between your goals and current situation.