In the course of a conversation I had recently with people of my age (60 +) the topic turned, as it often will, to the youth of today. Some felt they were extravagant and spent as if there was no tomorrow. Examples were given of how there was a running battle in most households in urban India regarding the amount of money to be given to kids each month and the effect of peer pressure on these kids. Sure, some of them are big spenders. Here’s an article in Trak. in. which speaks of the spending power of kids these days. It claims that they spend about Rs. 6000 per month on cosmetics, mobile phones and apparel.
A few contradicted that view. I pointed out that at least some of the youth of today are much more money savvy than we were at their age. They have far greater exposure to the world of commerce than we did and thanks primarily to internet and today’s technology, they have found ways to follow their passion – and make money while doing so. They have learnt what money can and cannot do for them.
I admit not everyone falls under this category. Many are all at sea when it comes to managing money, as distinct from spending it! This article by Riju Dave Mehta on “financial do’s and don’ts to secure your future” in the Economic Times makes a lot of sense and should be widely circulated amongst our youth. Brief case histories tell the stories of young people who have learnt their lessons well, primarily from their parents.
There are, as I am sure you know, many cases of entrepreneurs who started young even in India. This article in The Tech Panda gives the stories in brief of “5 Inspriring Indian Entrepreneurs under 20.” These kids have succeeded overcoming challenges which faze many far older than them. I am sure amongst other strengths, one that sets them apart is their ability to raise, manage and grow their funds.