With few days of 2016 to your credit, absolutely no cash available to one in India, and you struggling for balancing the limited currency notes, worried about remaining notes not deposited in bank, ques outside banks are the permanent scenario since 8th November, wondering where the situation is headed. 2016 in going to be remembered forever in the history of India.
Here comes the new era in the spending habits of every average Indian where financial literacy is a big question. Close to 76% Indian adults do not understand the key financial concepts, neither the are interested to know more about it. And it doesn’t make any difference to their life, though in the long run it’s going to leave a huge impact on their later life once they stop earning and there’s no financial assistance will come to them from anywhere. Only their children will be their safety net.
With India going digital, atleast one thing positively happen that if and when there’s no option, people of India have to shift on to digital transactions sooner or later, they are going to have an account of whatever they are going to spend throughout their spending period. When cash is spent and no track is kept of it, one won’t understand where the money went and whether spending those money added any value to them or not.
While spending digitally will make each penny spent available on their fingertips, people may realise where the expense can be diverted to right place or not to spend will make them wise atleast about their spending habits.
Couple of days back I was sharing digital wallets tutorial with a group of eminent Homemakers from some top Business Houses of Surat in the age group of 35 to 60. Each lady had ample cash at their disposal before demonetisation which immediately turned to no cash in hand but more money in their bank accounts than they need for next three to five years. Since they have no habit to use any other mode than the cash, it was very difficult for them as they have the best available time to be spent at shopping and leisure.
They have had heard a lot about mobile wallets and also have those downloaded to their mobile phones but unable to use as no hand holding is available for them to learn how to use those. When they learnt about the ease of using mobile wallets during practical session, it was one of the greatest sigh of relief since demonetisation. To my surprise, when on closing ceremony of their 2 days residential workshop, I was a part of judging panel in an excercise in which they were given Rupees One Thousand each from which they were suppose to carry a business and to return anything but more than Rupees One Thousand, they already started using mobbie wallets and did me to spend Rupees Thirty through mobile wallet.
This small event where even homemakers who may not be tech savy but have initiated using e-wallets is going to change the fate of India. Every transaction through proper channel is going to benifit each Indian.
Let’s understand one thing very clearly, it’s all DIY. No body else is going to do it for you. Do it Yourself…