MONEY TALES FROM THE HINTERLAND

Last 21 years have witnessed major changes in the way Indians save, spend, borrow and invest their hard-earned money. From being relatively risk-averse and investing in traditional products like fixed deposits and insurance products, we are now in an era where people are willing to invest in products like mutual funds, SIPs and ULIPs. And it is not just the investment patterns that have changed over this two-decade period, but the way people borrow and spend money has also seen a major shift. There are people who spend on expensive cars because they feel it reflects their personality, and there are others who spend on expensive overseas vacations every year. In terms of borrowing habits, many take loans not only to buy or build their own homes but also for buying phones, meeting their regular expenses, going on vacations, and evengetting married! That does not mean the older ways of...