INDIANS HAVE TO KNOW FINANCIAL THINGS HAPPENING AROUND THEM,AFTER ALL THEY HAVE TO "SURVIVE IN A COUNTRY HAVING 117 CRORE (APPROX) PEOPLE STRUGGLING FOR THEIR BREAD AND BUTTER", I MEAN WE ARE DEVELOPING AND AMERICANS WERE GOT A DEVELOPED KIND OF ATMOSPHERE ALREADY ISN'T IT? THEY CAN AFFORD TO BE IGNORANT! THE DISTRIBUTION OF RESOURCES IS NOT EQUAL IN INDIA. NO FACILITIES ARE AT YOUR DOOR STEPS. YOU HAVE TO EARN THEM, ANY HOW!!! BUT BEFORE 2020 WE CAN IMERGE AS ONE OF THE TOP ECONOMY IF WE WANT TO.OR IF WE WILL BE ABLE TO CONTROL OUR POPULATION RATE,NO! "ACTUALLY WE HAVE TO CONTROL IT'. SECOND TARGET WILL BE CORRUPTION. A BIT DIVERSE WITH THE THEME OF THE DISCUSSION BUT EVERY THING IS CONNECTED.
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Shiv Abhishek Pande, OWNER, HARIVANSHA BUILDERS
| 07 07 2010 13:03:36 +0000
I guess "financially literate" would not be the correct way to put it across. Because, the two societies are vastly different. "Financially literate" implies knowing about financial instruments, methods etc. Modern finance is based on a complex credit infrastructure consisting of numerous very complex credit instruments (hegde funds, derivatives etc.). In that sense, an average Indian is less aware of these modern financial instruments, compared to the average American counterpart. But, Indians are risk averse, we tend to invest very safely (biggest example is gold). This risk averse nature proved to be our strongest advantage during the global recession. Globally, when the credit structure collapsed, we were not greatly affected. We will not hold this advantage for long. As consumerism spreads across India, the credit structure will become more and more complex. If a similar kind of a credit collapse happens again after another 20 years, believe me, India will be heavily affected too. Regards, Om Deshpande
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Om Deshpande, Business Consultant, JobsXS
| 07 05 2010 14:08:34 +0000
i agree with Mr. K. Narayan and Mr. Bhatt.. the current generation of INdians is not so money conscious as were our earlier generations. Now we belive in living in the present just like out american counterparts. Howeverstill, due to some financial literacy passed down in our genes,we somewhere so make some efforts so save for the rainy days. Thereby giving us a marginally upper hand than the Americans..
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Smita Mohta Agarwal, Senior Associate, Link Legal Advocates
| 07 05 2010 07:01:26 +0000
Very well said Mr. James.. Some how it is most of the indians mentality to compare with America for all the things. They will never try to analyze what is the real fact.. For most of the peoples western is all about.. even they want to adopt the culture... you know some of the indians are themselves saying that Indians are cheap and I feel sorry for them
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Manoj Kumar, Sr: Manager - QA, ARCHETYPE GROUP, INDIA
| 07 04 2010 03:45:16 +0000
Well Mr. James I like your candid approach over the matter & your point-blank submission over some issues,,, The same as a layman of this country, I do feel in reciprocate that how come a society consisting of a majority of people (you spared a few) with a "can-know" approach & with "resilience" of mere three minutes over the issues,,,,can spearhead the current world politically, financially, militarily & even to some extent morally & culturally....at the same time assimilating all the quality head count they can have from all over the world.... There are lessons for all of us from all the places & throughout the time,,,,its all a matter of time,,,,,looking with the perspective of how much old is the universe,,,the earth,,the human civilization,,,& in the end a particular time of a given society,,,,few hundreds years back this country was at the top of this teetotum,,,who knows what next,,after all we ourselves have lived a fraction of second!
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ujjval jain, Retail, Retail
| 07 03 2010 19:24:40 +0000
It is prove in the recession period that Indians are financially literate than Americans. Indian saving method is good in the world. Saving money plays a good impact in the recession time. Earn & save some part of money is the good for country finance.
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Omkar Kulkarni, Accounts Officer, Minilec(India) Pvt Ltd
| 07 03 2010 14:25:56 +0000
Financial planning is in built in the educational system in india, the circumstances, the conditions in India reinforce the same. definitely indians are financially more literate than americans.
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kanukurthy sudershanrao, Operations Manager, Andhra Bank
| 07 03 2010 11:26:59 +0000
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It is not a right platform to make comparison between Indians and Americans. All human beings are not same. But here the culture, Govt control, financial planning (5year plan in India), population size, literacy level, advance technology, paying capacity, per-capita Income is too much differ. And what is Indians? Can we make comparison between Rattan Tata and A Clerk working in small firm? Ambani's & retail shopkeeper? No. There is difference in Indians also. How can we compare with Americans or any other country? And what is financial literacy? To hold much money (saving) is financial literacy? or to use it with proper capital budgeting is financial literacy. Indian Data shows that people are too saving conscious rather than productive through proper investment. I am not saying that saving is not a good habit. But to utilize the junk cost is excellent. Someone written here that in recession period Indians proved that they are best in saving. i agree but not support the argument because BLACK MONEY played major role in recession period(2008). Those firms/companies were not performed well in recession period which are running on ethics. The major flow of money in India through BLACK MONEY. It is one of the reason that Indians are more financial literate. They know how to save black money.
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Vipin Bhasin, Private Equity/Hedge Fund/VC-Manager, Indian Investment Co.
| 08 25 2010 18:20:21 +0000
PART#1 I am,as user,quite interested to contribute my bit on Literacy categorically called Financial by the Creator,MS.RASHMI PATIL , between Americans and Indians , alphabatically , in that order. Some Americans visited my house thrice so far in 1963, 1970 and 1973 when I didn't much growup but a school & college student. I was offered American Wheat ready-to-eat Chips in 1963, COCA COLA in 1970 and a Sweet Cake in 1973.My school teacher used to say Indians are beggars in the class-room openly to my utter dismay , that was in 1968. India was economically developing and still poor in comparison to America at that point of time. Our first Prime Minister, Pt.Jawahar Lal Nehru was requesting America to send soldiers to fight alongside of Indian Soldiers against the invading Chinese soldiers in 1962 War waged by China. Rev.Charles L.Evans ,CEO@THE CHICAGO FEDERAL RESERVE BANK says that Financial Education enables Individuals & Families to accumulate Assets . All are invited to attend the FINANCIAL LITERACY AND EDUCATION SUMMIT - 2010 AT CHICAGO. Wayback in '06,Rv.Robert I.Lerman @ the Urban Institute,American University , in his working paper wallowed that many Americans have had a weak grasp of basic personal fin. principles in an increasingly complex market economy given the then state of Fin.Education in America & abroad in '06. He innovated TEACHABLE MOMENTS & SYLLABUS.The key Fin.Knowledge,Literacy & Education to help most peoples globally under the new banner of FINANCIAL FREEDOM. In India,in '09 only,under Financial Inclusion,1 million poor Indian Women got coverage. In America,no such state of affairs with American Women. Also, in America , there is what is called the National Financial Capability Challenge which is an AWARDS PROGRAM under Literacy Efforts.The Invest India Income & Savings Survey, '07 disclosed fin. literacy drives and distorts households due to little informed dabate. It is a whistle stop as long as We do not cutshort our ageold acts of inheritance of ancestral property, land,buildings,jewellery,nominations for all these including cash savings which are being real life practices in India detrimental to Modern Fin.Ways of Living in style with free and accessible Financial Services under the banner of new fin. freedom. Strictly speaking , Americans cannot be said to be an exception on this count. sd/- Dr.Rojukurthi Sudhakar Rao, Ex-C.S.I.R. Junior Research Scholar@Andhra Univers'. PART # 2 & CONCLUSION SEEN BELOW
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Dr.R.SUDHAKAR RAO, MANAGER --MIDDLE MANAGEMENT GRADE --SCALE II, THE DENA BANK [ @ SERVICE BRANCH , MUMBAI ] A GOVERNMENT OF INDIA ENTERPRIZE & CHAIRMAN , THE NEW JAYDEV COOPERATIVE HOUSING SOCIETY LTD , GANDHINAGAR , DOMBIVLI( EAST) , THANE , MAHARASHTRA STATE .
| 07 10 2010 12:48:40 +0000
:PART#2 & MY CONCLUSION SEEN BELOW : Globally, best Financial Evolution will take place with a dramatic emergence of UNIFORM GLOBAL CURRENCY {UGC} which is not current real World practice . A sea-change can be brought about for Global Financial Literacy in Perspectives, Effects, Alternatives, Evaluations,Choices and Decisions with prevention of local practices of contradicting what-is-not-in-existence by means of what-is-in-existence so easily. Mr.Robert I.Lerman is justified in the Title of his working paper "Financial Literacy Strategies :: Where do We go from Here ??" sd/- Dr.Rojukurthi Sudhakar Rao. Ex-C.S.I.R Junior Research Scholar @ Andhra Univers'
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Dr.R.SUDHAKAR RAO, MANAGER --MIDDLE MANAGEMENT GRADE --SCALE II, THE DENA BANK [ @ SERVICE BRANCH , MUMBAI ] A GOVERNMENT OF INDIA ENTERPRIZE & CHAIRMAN , THE NEW JAYDEV COOPERATIVE HOUSING SOCIETY LTD , GANDHINAGAR , DOMBIVLI( EAST) , THANE , MAHARASHTRA STATE .
| 07 09 2010 18:50:14 +0000
I don't think so, actually Americans and Indians mind set and society structures are poles apart and both have their strengths and weaknesses. Both are to some extent rigid towards their beliefs. Americans lives the moment and sans the future while Indians strive hard to secure their future. Its the culture we follow that is actually reflecting in this piece of study you are referring too. Believe it or not some people here still do not use credit cards to save the amount of charges levied for using such cards, in strike contrast it is said a average american never comes out of debt.
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Satadru Shastri, Partner, Mukherjee & Shastri
| 07 08 2010 12:45:18 +0000
I don't think this is to do with Americans or Indians ; it is more to do with the current generation all over the world. Most people today , globally , are living in the present , since that is the core of their philosophy ; enjoy the present , since the future anyway is uncertain , and beyond our control. It would be interesting to know how many Indians still go to astrologers ; 50 years back , my parents believed a lot in astrology , and would regularly go to astrologers and palmists. I , on my own , have never been to one ; I am almost sure my children will also do the same. When the present is embraced like this , then the events in one's life get restricted to the movie that is being released this Friday , or events in last night's TV show. Who wants to think of Man , Life , or the Universe ? Best to leave these to the specialists !
By
K. NARAYAN, None, None
| 07 05 2010 04:00:29 +0000
Americans, 99% of them, live (or try to) THE AMERICAN DREAM, thts the core motto of their lives. Given that as a background, they are more into experiencing life n earning money for the same. Indians, on the contrary, earn money n experience lives according to their incomes. Thats the core difference i guess.
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Sujit Sood, :-)
| 07 03 2010 23:44:43 +0000
The Indian financial literacy level is the same as in Netherlands but 20% higher compared to the U.S. Indians use about 38% of monthly income to cover monthly expenses - they save or invest 62% of their salary on average. However, most consumers are ill prepared to meet their goals based on their asset, liabilities and risk profiles. So I dont think Indians are more financially literate than Americans or else we would have overtaken USA in economy long back.
By
Rashmi Patil, Financial services
| 07 03 2010 08:14:48 +0000
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