Our society is made up of taboo and one of the many discussions at home that are considered restricted amongst the immediate members are money matters after sex. Sex, being the topmost ‘no-no’ topic at Indian homes. Many a time we avoid in our home is an open discussion about finance. We were hardly allowed to know our father income or salary. The most prevalent saying is that one should not ask a woman’s age and a man’s salary. Touche’.

Things are changing and we are opening up more and children are becoming more straight forward, parents equally changing with changing time. Sexual issues are no more hidden if not advocated. We have a long march ahead to be more open-minded in terms of advocating sex education.

But in the changing time ahead and with the pandemic learnings, what needs our immediate attention is on financial literacy. Ask any successful man, be it an engineer or a babu, be it government employee or a private sector executive or an entrepreneur, many lack financial basics, leave aside expertise. These are not part of our fabric. Money discussion still in our society is a no-no. We can go deep in analysing why so but we shall leave it for another day.

What we need to understand that the challenging time ahead will make us more vulnerable where our children and even the working class is in need of hardcore financial literacy. We think we know, we invest, we save, we navigate to save on tax but what we do not accept that we are no expert and lack many basic financial insights.

Recently I had attended a webinar by Anil Chopra from Bajaj Capital. The two-hour free webinar was very enriching and an eye-opener that my MBA course did not teach me such basics of investing in the Indian environment. Mr Chopra was of the opinion that in India we are thirty years behind in terms of financial literacy. But the good news is such a webinar and educative initiatives have started taking place.

What I understand is time has come we move from a conservative society to an open society where we discuss money-matters openly and in a more pragmatic manner with our parents, better half and children. Money does matter and it is not a taboo anymore.

Many banks are encouraging an early level of engagements with kids and allowing them to open savings accounts with parental supervision. We need to engage with our children and discuss ‘money’ intelligently with them.

Also true is we need to learn how money works just like we have to learn how to make a good cup of tea or a dish. Money matter and we need knowledge. It has to become everybody’s cup of tea. It is not rocket science. Having a qualified financial planner is no luxury any more and it would be a good asset to able to have one for assistance. Someone who can give you qualified advice.

One will see that if we can accept such advocacy and engage ourselves in a more transparent manner, we will be able to stay away from the trap of debt or financial crisis and retire rich…