When a rebellious, mother or father hating teenager steps into maturity and begins incomes, he undergoes a magical transformation. The revolt is changed by respect, and hatred with belief. Parents are seen in a new gentle, the place they’ll do no improper and provide no unhealthy recommendation. So when the primary few wage cheques come alongside and parents begin meting out financial recommendation, the grownup baby toes the road, particularly as a result of he has no financial information or expertise.
At least, that is what occurred to Gen X with their Baby Boomer parents. The parents’ expertise of the capital markets was totally different from that of the next generations, and their method was rooted within the want to preserve capital. LIC policies have been synonymous with investment, not insurance coverage. Stock markets have been appeared upon as playing dens, a excessive danger to be prevented in any respect price; loans have been a mandatory evil solely to be used for getting a home, if in any respect. Agrees 35-year-old Snehasis Banerjee, a scientist from Kolkata. “My parents were afraid to take loans and bought their house with cash alone,” he says.