Are you making your money work for you, or are you simply working for your money? This question defines the core of financial literacy, a crucial life skill that young adults often learn too late. Despite entering the workforce with dreams of independence, many find themselves struggling with basic money management. To gather young individuals’ experience of saving, investing, and growing money, ‘The Hitavada’ spoke to students, freshers, and early-career professionals from the city. Neha Satam, who works in the finance sector, said, “Financial independence does not mean earning, it means understanding how to make your money work for you, which many learn late while experiencing rising cost of living.” Vidisha Menon, a corporate employee, observed, “Many young professionals lack knowledge about managing money, building an emergency fund and diversifying investments. During my first job, I thought having a salary meant financial security. I did not even know how to save effectively, let alone invest.” The youngsters felt that if they had been taught about personal finance, basic investments, loans, financial scams etc in school, with practical and real-life examples relevant to their day-to-day lives, it would have been much easier for them.

 

“We had Economics as a subject in school, which covered the basics of banking system, national economy, trade, but it was all theoretical. Real-life examples and practical activities on personal finance should be the main focus, only then students can learn managing money,” expressed Labina Das, an MBA student. Komal Khandekar, a postgraduate student, said, “We learn about algebra and history but not how to manage a bank account or file taxes. Is not that equally important?” Suhas Umale, a fresher in a private company, pointed out that if youngsters did not receive proper guidance at the right time, they remained unprepared to handle real-world financial challenges, and learned about money management the hard way through mistakes like overspending or mismanaging debt.

 

Asked whether they had received guidance from family members regarding financial processes and investments, the responses were mixed. Those who answered ‘no’ generally learned to manage finances independently by planning their expenses. Atharva Pawar, a postgraduate student, learned about investments from friends who had an understanding of finance. He pointed out that many youngsters like him, unsure about whom to approach for investments, often turn to social media and video-streaming platforms which are now increasingly filled with free explanatory tutorials that use real-life examples and visual elements, making financial concepts accessible and easier to grasp.

 

However, Atharva mentioned that if given the opportunity to learn all this directly from an expert in the field, who can explain in simple and easy-to-understand language, young individuals should prefer that option. Milind Khasnis, a financial advisor, stressed that youngsters must learn financial terminologies, methods, and the ‘power of compounding’ before completing their graduation. “One should not blindly step into technology platforms for investing without advice, because there are high risks involved, and youngsters are now becoming sufferers,” he urged. Khasnis observed that although financial literacy might be low, in recent years, the number of young investors has grown, along with awareness and inquiries. Expressing opinions on the increasing involvement of youngsters in online trading and investing in shares, all respondents agreed that it presented an opportunity to learn and earn. Some of them are actively engaged in it, while others have not yet tried but expressed interest in learning it. Neha asserted, “Online trading and investments should not be pursued with partial knowledge.

 

People should first consult a professional. If one does not understand the numbers, involve a trusted family member. Take each step by analysing risks and potential benefits.” Financial literacy at a young age is not just about avoiding mistakes, it is about cultivating habits that can yield long-term benefits. The youth are slowly catching on but the responsibility to equip them with financial literacy does not rest on schools or financial institutions alone, parents and mentors must also play their part.