In a candid critique of India's middle-class financial habits, analyst Hardik Joshi highlighted the lack of financial literacy among Indian adults.
He pointed out that while families invest heavily in gold and lavish weddings, they often neglect essential financial planning such as health insurance and retirement savings.
Joshi emphasized that financial education is crucial for all, not just the wealthy, to break the cycle of living paycheck to paycheck. He noted that only 27% of Indian adults are financially literate, with less than 10% having retirement plans and just 20% possessing health insurance.
This neglect leaves many families vulnerable to emergencies and financial instability. Joshi called for a cultural shift towards prioritizing financial literacy to ensure long-term security and resilience.
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