Money Smart

Mumbai-based Vibhor and Vibha Sahni, with two sons Kanadh (7) and Shaurya (1.5), were introduced to financial literacy in the 30s. Vibhor, who works in the IT industry, has made investments in several financial instruments like mutual funds, systematic investment plans and equity. Every alternate month he gives Kanadh a few assignments in shopping with a budget of Rs 500 to Rs 1,000. While making his sons savvy on spending, he complains how an average household lacks this knowledge when it comes to raising children. According to a report on Financial Literacy and Inclusion in India 2019 by the National Centre for Financial Education, only 24 per cent rural and 33 per cent urban Indians are financially literate. In gender distribution, females account for only 21 per cent, while males account for 29 per cent in financial literacy. In a typical Indian household, elders take decisions and...