I was surprised when I came across this article in the Financial Express that cited a Visa report which found Indians to be one of the least financially literate in the world.
I couldn’t find the report and it is really impossible to say who is the least financially literate in the world, but it did remind me of an interesting incident that occurred more than a year ago.
An advertiser who was based in the US approached me for advertising on the site, and I kept referring to OneMint as a personal finance blog; at some point he stopped me and said that I’ve gone through the content and this is an investment blog, not a personal finance blog.
You hardly write about thrift and tips for saving money which is as important as investing topics, and other personal finance blogs cover such tips in a lot of detail.
My response was that Indians don’t need tips to save money as that’s something most of us are good at anyway, and if I wrote about saving money that would just bore people away, and I really don’t know what I will write to begin with.
My response obviously didn’t satisfy him because he never did advertise on the site but since that time I’ve modified my opinion a bit.
Now I think that the Indians who want to save money are good at it and don’t need the help of blogs to do it, but there are a lot of Indians who are neither interested nor good at saving, and a lot of them belong to the younger generation who don’t have the burden of family on them, and just want to have a good time.
I’m sure all of you know many folks whose salary gets over on the first itself because of the many EMIs and credit card bills that they have to pay, or someone who bought a phone that’s worth more than a month’s salary, and surely this is not a good financial habit.
Even the ones who are good at saving money may not be all that great at investing it as evidenced by the huge number of high cost ULIPs sold in the country.
I think we give ourselves more credit than we deserve and there is still a long way to go as far as financial literacy is concerned.
What do you think?