#OutlookEvents | At IDFC FIRST Bank presents Outlook Money 40 After 40, Krishan Mishra, CEO, FPSB India, emphasizes the critical gap in financial literacy among Indians. Despite academic achievements, many struggle with basic financial planning. He highlights the need to start retirement planning with the first salary, not the last, and to view investments like NPS beyond just tax savings—it's about securing our future and legacy.
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#IDFCFIRSTBank #CelebrateRetirement #OutlookMoney40after40 #OutlookMoney #40After40 #FinancialPlanning
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LearningTranscript
00:00I would like to make a statement here, and why the penetration is low, is because we
00:04are educated, but we are not financially educated.
00:08Most of the Indians right now, they are not financially educated.
00:11We might have done a PhD or a MBBS or maybe engineering or whatever, we are not financially
00:16educated.
00:17And most of us, we do not understand these topics.
00:19So the objective of a CFP professional is not only to obviously recommend products or
00:25consult with the clients, but their major objective is to educate the clients towards
00:29their finances.
00:30Because when we look at retirement planning, right, and retirement planning, people say
00:33that, okay, when should I start planning for my retirement?
00:36And I would say that you should start planning for your retirement at the time of your first
00:39salary instead of the last salary.
00:42Most of us, we start post the last salary only, and that's the reason why the uptake
00:46is low.
00:47In fact, most of the products which are being sold right now in terms of retirement planning,
00:52especially the NPAs itself, most of us, we take NPAs for the purpose of tax saving.
00:57I think time has come for us to start understanding that this is something which is beyond tax
01:01saving.
01:02This is about our life.
01:03This is about our legacy.