Why Financial Literacy Matters in the Fintech World We Live In Today

Dec 08, 2020

Listen to Why Financial Literacy Matters in the Fintech World We Live In Today

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The convergence of finance and technology, the portmanteau FINTECH has ushered in this dramatic revolution and changed our lives in a big way!

The Fintech world has swiftly replaced almost everything done physically. From buying groceries, ordering ready-to-eat food, booking a table at your favourite restaurant, movies tickets, or a cab, shopping, performing banking transactions, making investments, buying an insurance policy - almost everything can be done online today, saving you time, money, and energy.

Demonetisation of 2016 and the COVID-19 pandemic lockdown introduced us to e-payments and a digital way of life. For instance, most of us do not find the necessity to carry wads of cash in our wallet or pocket today because various transaction can be performed online by linking bank accounts, debit cards, credit cards to almost every e-commerce and mobile wallet app. By simply following a few steps on your smartphone (backed by a high-speed internet), it is possible to transact with the utmost ease.

However, as we are using less cash and making use of e-wallets, net banking, debit card, credit card, it is also observed that many people are failing to keep track of their hard-earned money and have become impulsive in their buying behaviour.

The idea of delayed gratification, following strict budgets, and the mindfulness with the physical exchange of money (via cash or cheque), and other perceptions about money which existed erstwhile is slowly fading. It is recent that the COVID-19 pandemic has taught us some hard lessons on managing money.

 

You see, while the Fintech world has brought in advantages and convenience, judicious handling of it is important or it could ruin your financial wellbeing. Unnecessary expenses need to be cut down (by engaging in prudent budgeting) so that you can save and invest more for a bright financial future. Otherwise, you may never be able to achieve the important life goals, viz. buying a dream house, child's future education, and your retirement needs.

"The single biggest difference between financial success and financial failure is how well you manage your money. It's simple: to master money, you must manage money."- T. Harv Eker (author, entrepreneur, and motivational speaker)

It is therefore important that you take control of your personal finances and not be lured by the offers on apps that may entice you to spend recklessly. Remember the old adage: "A rupee saved is always a rupee earned". The money you save can be deployed in productive investment avenues or a rainy day fund that can create wealth and help you achieve the envisioned financial goals you have in life.

And in case you do not know how to plan for your financial future, empower yourself with the weapon of knowledge. Enroll for a financial literacy program and become your own financial planner.

You see, every family needs a Financial Guardian who understands the nuances of personal finance and sensible investing. In a fintech environment and 'knowledge economy' that we live in today, financial education is paramount! The lack of financial understanding has been signalled as one of the main reasons behind certain individuals and families not being so successful than a few others.

Being in finance professionally, I fully understand how important it is to make fruitful use of my money by saving and investing in wealth-generating assets to protect my family's financial future and be successful. I want you to be financially conscious, successful, and safeguard your and your family's wellbeing as well. So don't allow the lack of financial education impair financial future.

While the fintech world will keep upgrading with newer technology, it is time for you as well to raise the level or sharpen up your financial education. PersonalFN encourages you to become your family's Financial guardian.

Tomorrow we will be introducing a new initiative called "Certified Family Guardian" that will empower you to take best financial decisions for your family. So, keep a watch on your mailbox.

The "Certified Family Guardian" is a very special initiative, only for smart investors who want the best for their family now and in the years to come. It aims to enhance your financial literacy and guide you to draw strategies to achieve your financial goals.

So, stay tuned and keep a watch on your mailbox tomorrow at 11 am to know about PersonalFN's exclusive family-centric and result-oriented offering, the 'Certified Family Guardian'.

"The more you learn, the more you earn." - Warren Buffet

 

Warm Regards,
Mitali Dhoke
Content Writer

 

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