One common critique about the education system we’ve grown up under is the lack of training it provided us on practical concepts that now impact our everyday lives as earning adults. For most of us, finance management came as that chapter in exams, which was out-of-syllabus.
Learning how to navigate savings and investments as a fresher who has just begun to earn money came with a fair share of challenges, at least for many of us. Never had money ever seemed so complicated. Keeping it safe in the savings bank did nothing, and the lack of understanding of multiple investment options seemed daunting. Eventually, most of us began educating ourselves in finance (much later in life) and gained insights through experience and research.
In light of this, we searched across the Internet and asked people how they learned to manage finances, and here’s what we learned:
1. “I learned about managing finances mostly from my parents, my father is very involved in investments – and he makes sure I do that too. When it comes to tools, there are a number of resources on YouTube, and content creators who talk about budgeting. Ankur Warikoo is one example. It took a long time, though, to properly comprehend basic investment and financial schemes. I’m still learning.”
– Manya
2. “Honestly, I learnt about finances by watching people and realising how small habits can wreck your financial stability. It took a long time to even understand basic concepts such as how to file income tax etc. Because, like most kids, I wasn’t taught how to do this anywhere, not at home, not at school. This may sound basic, but you can learn a lot by watching YouTube. And specifically, as women, we need to be more confident in asking questions about money and finance without being fearsome of judgment. So, I started talking to people about how seemingly simply finance-related things work, so that I can grasp such concepts faster.”
– Harshita
3. “Coming from a commerce background, one would assume that I have been taught personal finance management as well, but nope! The education I received mainly dealt with corporate finance and the theoretical aspect of it. While it’s not wrong, I would have really appreciated it if I had been taught personal finance as well. While I have read about assets and liabilities and tallying the balance sheet, I wasn’t taught about investments or creating those assets for myself. Since I don’t have any option but to manage my finances now, I heavily rely upon my CA and YouTube videos.”
– Prakriti
4. “I started working around June 2021, and my primary point of reference on personal finance was a lot of scouring on Reddit and just talking about it with my friends. Learning from another’s experience helped a great deal!”
– Snigdha
5. “I didn’t get proper training about anything related to finance in school. In fact, my first exposure to it was during Class XI as a commerce student, where, again, I learned just the theory for Board exams. There was no proper discussion on various investment options, like SIPs, FD, RD, PPF, and stocks, from personal finance POV. By the time I started earning, I was largely clueless. Thankfully, during that time, Tanmay Bhatt had just begun his finance channel, ‘Honestly‘, which, to me became a great blessing for understanding financing from the very basics.”
– Vedika
6. “I talked to people. And by this, I mean I talked to a lot of people from all age groups. Different people recommended different investment options. They also highlighted I should be prioritising health and life insurance right away. My father particularly recommended PPF as a risk-free, tax-saving investment option. But I didn’t want to be locked in for 15 years at a relatively low interest rate. Eventually, keeping my risk appetite in mind, I have chosen what’s best for me. I’m currently investing in a combination of options. I am building my investment portfolio while simultaneously putting my money in RD.”
– Radhika
7. “I don’t think it’s the school’s job to teach about money but it’s your parent’s job to teach you about money and managing finances, not trying to diss you but it’s really on your parents. Growing up and I wasn’t taught anything about money/ investing by my Asian parents. I didn’t learn anything about money until I was 26 where I stumbled upon investing and making passive income there and then I had to learn everything by myself.”
8. “At the start and the end of every month or every big expense, I just sit with myself and plan and demarcate money and then follow up. I try not to spend even a penny more than what I had originally planned. I really wish I had learned about money early on. I am still figuring out which would be the best investment option for me. I never thought money would be as much of a hassle as it is now. Wasn’t life supposed to be easier now?”
– Shabnam
9. “On my father’s suggestion, I started SIP at the very start of my professional career. Apart from that, I have a really good friend who’s a pro in finance. They instilled in me the habit of budgeting my money. I don’t spend recklessly like I used to. And most importantly, I don’t go broke by the end of every month. Having said that, personal finance is a journey, and I’ve a long way to go.”
– Meghna
It’s true that we wouldn’t have struggled as much if finance education had been emphasized in our formative years. Educating students in finance and inculcating a positive attitude towards personal finance should’ve been and should be a priority.
