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<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="153" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor Swaminathan J has said State Level Bankers' Committees (SLBC) can play a more effective role in <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> through better <keyword id="20331879" type="General" weightage="20" keywordseo="coordination" source="keywords">coordination</keyword> with government and <keyword id="19944971" type="General" weightage="20" keywordseo="NGOs" source="keywords" meta.keywordsubtype="org" meta.entityname="NGOs" meta.hostid="153" meta.entityid="NGOs">NGOs</keyword> in <keyword id="22163854" type="General" weightage="20" keywordseo="credit-planning" source="keywords">credit planning</keyword> and promoting <keyword id="22122561" type="General" weightage="20" keywordseo="digital-financial-literacy" source="keywords">digital financial literacy</keyword>. Observing that the role of <keyword id="22163853" type="General" weightage="100" keywordseo="SLBCs" source="keywords">SLBCs</keyword> in fostering inclusive and <keyword id="20289318" type="General" weightage="20" keywordseo="sustainable-growth" source="keywords">sustainable growth</keyword> is crucial and multifaceted, he said, it can drive significant progress in bridging the gap between financial services and the underserved populations. "By focusing on effective <keyword id="20331879" type="General" weightage="20" keywordseo="coordination" source="keywords">coordination</keyword> with government and <keyword id="19944971" type="General" weightage="20" keywordseo="NGOs" source="keywords" meta.keywordsubtype="org" meta.entityname="NGOs" meta.hostid="153" meta.entityid="NGOs">NGOs</keyword>, adopting a scientific approach to <keyword id="22163854" type="General" weightage="20" keywordseo="credit-planning" source="keywords">credit planning</keyword>, and emphasising <keyword id="22122561" type="General" weightage="20" keywordseo="digital-financial-literacy" source="keywords">digital financial literacy</keyword>, <keyword id="22163853" type="General" weightage="100" keywordseo="SLBCs" source="keywords">SLBCs</keyword> can create a more inclusive financial ecosystem," he said at the Conference of Convenors of SLBCs at Pune on June 19. "As we move forward, it is essential to monitor and measure the tangible outcomes of our efforts, ensuring that the benefits of <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> reach every corner of our country," he said. By tailoring initiatives to local conditions and needs, and by fostering a culture of financial literacy, he said there is a need to empower individuals to actively participate in the formal economy, thereby contributing to the broader goal of inclusive and sustainable economic development that is essential for a Viksit Bharat 2047. "I urge all stakeholders to continue working collaboratively, leveraging the strengths of each sector, and harnessing the power of technology to create a financially inclusive society," he said. As part of aspirational goals for <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="153" meta.entityid="RBI">RBI</keyword>'s centenary, referred to as RBI@100, he said, among these targets are deepening financial inclusion and expanding credit availability. Deepening financial inclusion is not merely about increasing the number of bank accounts but about ensuring that every individual has access to a comprehensive range of financial services tailored to their needs, he said. This includes savings, credit, insurance, and investment products that can enhance their economic well-being, he said. Expanding credit availability, particularly to underserved sectors such as micro, small and medium enterprises (MSMEs), agriculture, and marginalised communities, is crucial for fostering <keyword id="20421749" type="General" weightage="20" keywordseo="inclusive-growth" source="keywords">inclusive growth</keyword> and sustainable development, he added. While these may appear as part of RBI@100 objectives, they are, in fact, the goals of every stakeholder in the financial ecosystem aligned with national interest, he said, adding, achieving these aspirations requires a collective effort involving government agencies, non-governmental organisations, financial institutions, and the banking community. The role of SLBCs in this journey is pivotal, as they are the linchpin connecting various stakeholders and ensuring that the financial system works seamlessly at the grassroots level, he added.

SLBCs can play effective role in financial inclusion by better coordination with govt, NGOs: RBI DG

<ul class="summary-list"><li>Access to financial literacy education varies across K-12 schools in the US.</li><li>Parents can encourage financial literacy skills for their children at home.</li></ul>Financial stability can directly impact a person's <a target="_blank" class="" href="https://www.businessinsider.com/quit-my-career-live-off-savings-financial-crisis-2024-6">quality of life</a>. Yet ensuring young people develop the financial skills to achieve economic success as adults is not prioritized in all K-12 educational settings.According to the California Department of Education, only 26 states in the United States require high school students to take a course in personal finance. California just recently made this requirement official; in the press release announcing the agreement, Gov. Gavin Newsom said, "Saving for the future, making investments, and spending wisely are lifelong skills that young adults need to learn before they start their careers, not after."However, research demonstrates that <a target="_blank" class="" href="https://www.businessinsider.com/entrepreneur-mom-money-lessons-kids-2024-7">learning about finances</a> outside a traditional school setting can also be impactful.A 2020 <a target="_blank" href="https://files.eric.ed.gov/fulltext/EJ1280282.pdf">study</a> published in the Journal of Financial Counseling and Planning found that "college students that were explicitly taught financial basics by their parents, felt a beneficial influence of this teaching when they made financial decisions."Although financial literacy education is not a national requirement, parents can still foster financial literacy skills within their children right at home.<h2 id="b7e48fef-dbcc-4f1c-aa32-5818a8c2b41d">Ensure your child understands the importance of budgeting from an early age</h2>Although it's not uncommon for people of all ages to fall into the trap of behaving as if money is limitless, making sure your child understands that it's a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/debit-card-limits">finite resource</a> could be a good place to start from an early age.Jennifer Seitz, the director of education at the family finance technology company Greenlight, told Business Insider that as soon as kids are aware of money and want to start using it to buy things, they're ready to learn about it in an age-appropriate way. For some, this is as early as preschool.Whenever your child seems ready for more advanced concepts related to money, you can start talking about budgeting."Parents can introduce the concept of a budget, and that a budget is a plan for your money, and it's where you can decide how much money will be spent on certain things," Seitz said."A very common early lesson is about opportunity cost, which means learning about trade-off decisions — that basically, if you use your money for something else, it's spent, gone, and not available for something that you may want to use it for later that day or another day," Seitz continued.Seitz told BI an example of introducing opportunity cost could take the form of reminding a child who wants a treat from the grocery store that they could use their money for a treat that day or use it for ice cream a couple of days later, but not for both.Seitz also said that although increasing your child's knowledge around financial literacy at an early age can be really beneficial, <a target="_blank" class="" href="https://www.businessinsider.com/parents-teens-competing-science-fair-olympics-parenting-principles-advice-2024-6">parents of older teens</a> need to know that it's not too late for them, too. Even if you didn't start early, that doesn't mean you can't start now.If your child is a teen, Seitz recommends encouraging them to start thinking about their future financial aspirations and explaining how good financial planning can help them achieve those goals. Seitz said teens, in particular, may want to save up money for a concert, attend class trips, or a school dance, and even start planning around paying for higher education. Whatever their future holds, talking to them about how money plays a role in those plans is a crucial step.<h2 id="8dca6274-b146-43e4-a166-a524941d3a18">Pay attention to the financial habits your children are observing from you</h2>Although it may be easy to forget sometimes, your child is learning from your behaviors and the habits of the other people around them regarding a multitude of things, including how to handle finances.Seitz told BI that numerous <a target="_blank" href="https://link.springer.com/content/pdf/10.1007/s10834-020-09736-2.pdf">studies</a> examining how children develop money knowledge have identified that one way children learn is through modeling, where they observe their families' financial habits and attitudes towards money.Seitz also said parents should be open to having conversations with their children about money and prepare for those <a target="_blank" class="" href="https://www.businessinsider.com/what-parents-should-teach-kids-about-money-2022-10">conversations</a> if they're not used to doing so, as conversations about money also foster children's money knowledge.<h2 id="c708a766-ddd9-4771-9dff-8a8b3ccd2cd2">Encourage your child to play a direct role in their financial literacy learning journey</h2>While having conversations and modeling behaviors are good ways to teach your child, sometimes the best way to increase their learning is to allow them to turn their knowledge into action and be an active participant in their own journey with money.<a target="_blank" href="https://www.instagram.com/mike_altro/">Michael Broughton</a>, founder and CEO of Altro, an app that helps users build credit, told BI that getting started on the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-plunge-warren-buffett-cuts-stake-berkshire-hathaway-2024-8?utm_medium=ingest&amp;utm_source=markets">stock market</a> could be a beneficial tool."I think the biggest thing that most parents may not know is that you can open up a brokerage in the name of your kids, so they can actually have a stock account that's in their name that they're able to trade on," Broughton said."What I'm doing with my younger sister is just setting up an automatic pull from an account. So every two weeks, she's getting maybe $25 or $50 to go invest in the stock market and see it grow," he continued.Broughton told BI that parents should show their children that they are able to invest in things that they are actually passionate about."So my little sister, she invested in Mattel because she thought that <a target="_blank" class="" href="https://www.businessinsider.com/how-barbie-dolls-changed-evolution-2018-3">Barbie</a> was going to do really well — she invested in some bowling stuff, some games stuff, and that's really helped build the beginning of her portfolio."Broughton also told BI that although stocks can be hard to explain, referring to certain events impacting the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-yen-carry-trade-unwind-fed-japan-rates-2024-8?_gl=1*1tv42tv*_ga*NzcxNjMwNTEyLjE3MjE4NDg5Njc.*_ga_E21CV80ZCZ*MTcyMjg4OTg2NS4xOC4xLjE3MjI4OTE0MzcuOS4wLjA.">stock market</a> as simply good or bad could be helpful."Disney just made '<a target="_blank" class="" href="https://www.businessinsider.com/inside-out-2-box-office-pixar-disney-numbers-analysis-2024-6">Inside Out 2</a>,' that's doing really well, everyone's talking about it, and I would ask my sister do you think Disney's doing good or is Disney doing bad? — She'd say they're doing good, and I would say, well, that means that the stock is doing good, and we would go look at the stock, and if it's up, I'll be like, she's right, or it's down, like, let's go look at the news and figure out why," Broughton said.Seitz said one method parents can use to help young children not only learn how money is earned but also be reminded of its limits is to provide them with an allowance for completing <a target="_blank" class="" href="https://www.businessinsider.com/kids-responsibility-chores-made-them-confident-2023-9">chores</a>."Every family is different, and every family has different ways to manage that. Some families prefer not to tie chores and <a target="_blank" class="" href="https://www.businessinsider.com/family-budget-tips-teenagers-give-allowance-vacation-economy-inflation-2024-4">allowance</a>. And there are still great money lessons that can be learned in that way. The Greenlight app is set up so that parents can make that distinction, whichever way they can, either, have money earned for chores or only for special odd jobs above and beyond what their kind of daily expectations might be," Seitz said.Although there has been legislative progress in ensuring financial literacy is incorporated into a child's K-12 educational experience in the US, it's an ongoing process. Until that happens, parents can foster financial literacy skills in their children and connect them with other resources at home.Discussing money can be tricky at any age, but the earlier children start learning about money, the easier it becomes to talk about.

Financial literacy is not always taught in school. Here's how parents can prepare their kids to budget and invest wisely.

<ul class="summary-list"><li>A Gen Xer began taking on part-time work out of fear that he'd lose his full-time role.</li><li>In 2020, he started secretly working two full-time jobs and made six figures annually.</li></ul>In 2004, Brian decided that he didn't want his family to be reliant on <a target="_blank" href="https://www.businessinsider.com/working-multiple-remote-jobs-dont-feel-guilty-overemployed-secret-jobs-2024-2">one source of income</a>.He'd heard about too many people who lost their jobs seemingly out of nowhere, and he wanted to do whatever he could to protect himself from that situation, he told Business Insider. So he started looking for part-time <a target="_blank" href="https://www.businessinsider.com/overemployed-worker-remote-jobs-declining-side-gig-extra-income-2024-5">remote jobs</a> in addition to his full-time remote role in the IT industry."We started being less dependent on one company by being employed by more than one company," said Brian, whose identity is known to BI but has been withheld due to his fear of professional repercussions. "If something went wrong, then no big loss. We just temporarily lost a paycheck."Over the next 15 years, working side jobs gave Brian the additional income and job security he was looking for. But it wasn't until around 2020, when there was one month of overlap in his transition from one full-time job to another, that he realized he might be able to <a target="_blank" href="https://www.businessinsider.com/working-3-full-time-remote-jobs-makes-344k-pay-mortgage-2023-5">secretly juggle two full-time jobs</a> simultaneously. So he decided to give it a shot.Last year, Brian earned over $150,000 across multiple remote jobs, according to documents viewed by BI. He said the extra income has helped him pay down <a target="_blank" href="https://www.businessinsider.com/paid-off-credit-card-debt-solid-plan-2024-6">credit card debt</a> and allowed his family to take trips for up to six weeks at a time while he works remotely. He said he currently has two full-time and four part-time jobs and only lives in the US for part of the year because he travels internationally so frequently.Managing all these jobs can be stressful at times — Brian said there have been many "100-plus hour weeks" over the past few years. But he said the long hours are worth it: Last year, he was laid off from one of his jobs, but he was well prepared for it."The biggest impact has been the confidence that our family's future is not tied to the success of any one job or any one company," Brian said.Brian is among the "<a target="_blank" href="https://www.businessinsider.com/overemployed-california-remote-worker-millennial-asia-honeymoon-jobs-housing-tech-2024-3">overemployed</a>" Americans who have secretly worked multiple remote gigs to increase their incomes and job security — BI has interviewed over two dozen of these <a target="_blank" href="https://www.businessinsider.com/working-multiple-remote-jobs-dont-feel-guilty-overemployed-secret-jobs-2024-2">job jugglers</a>. These people have made as much as <a target="_blank" href="https://www.businessinsider.com/gen-x-work-2-remote-full-time-jobs-million-dollars-2024-5">$1 million annually</a> across their jobs and used their extra income to pay off <a target="_blank" href="https://www.businessinsider.com/overemployed-remote-worker-student-loan-debt-arizona-millennial-side-hustle-2024-4">student debt</a>, <a target="_blank" href="https://www.businessinsider.com/overemployed-remote-worker-early-retirement-savings-jobs-work-california-data-2024-6">save for retirement</a>, and afford <a target="_blank" href="https://www.businessinsider.com/overemployed-remote-florida-worker-tech-jobs-cruise-side-hustle-advice-2024-2">expensive vacations</a>.While some companies may be OK with their employees <a target="_blank" href="https://www.businessinsider.com/how-managers-react-employee-working-two-full-time-jobs-2022-7">doing extra work</a> on the side, doing so without approval could <a target="_blank" href="https://www.businessinsider.com/got-caught-working-two-remote-jobs-fired-unethical-overemployment-2024-6">have consequences</a>. Additionally, competition for remote roles, return-to-office mandates, and burnout have led some job jugglers to question whether <a target="_blank" href="https://www.businessinsider.com/end-remote-work-could-hurt-overemployed-workers-job-jugglers-2024-7">overemployment is sustainable</a>.Brian shared his "secret sauce" for avoiding burnout and his top tips for overemployed workers.<h2 id="11c308bb-192c-4a7f-a78a-f7c08446a2ec">The "secret sauce" to avoiding burnout as a job juggler</h2>Working two full-time jobs at once can be financially lucrative but also mentally taxing. To stay motivated, Brian, who's in his 40s, said he has a "secret sauce" for avoiding burnout: He only juggles two full-time roles for a portion of the year."When it starts to feel like a drain on family time or fun time, that simply means we evaluate our situation and I choose to continue with the full-time role that has the best potential to maintain our lifestyle until the next overemployed opportunity shows up," he said.While it might seem risky to drop a remote job and count on finding a new one later — especially when remote roles have <a target="_blank" href="https://www.businessinsider.com/end-remote-work-could-hurt-overemployed-workers-job-jugglers-2024-7">become so competitive</a> — Brian said he's become quite good at finding remote roles. He said he regularly hears from recruiters and recently interviewed for three full-time remote positions in the same week.Additionally, Brian said applying and interviewing regularly for jobs has helped him stay up-to-date on hiring trends and learn about roles that he can circle back to later when he wants to take on more work. He said he's taken on a mix of salaried and contract roles throughout his overemployed experience.<h2 id="e94313b6-3c96-4228-83d0-1bd761c9d8a0">Valuing time management and staggering working hours can help the overemployed</h2>Brian said he keeps his overemployment a secret from his full-time employers. He has a few pieces of advice for current and aspiring job jugglers when it comes to avoiding suspicion.First, he said it's helpful to find jobs where employers don't require workers to have their cameras on during meetings.Second, from a time management perspective, he said it's helpful to have jobs that have staggered working hours — perhaps because the companies are based in different locations. He said this reduces the amount of time one has overlapping working hours across their jobs.Lastly, Brian recommended doing whatever one can to improve their time management skills."Build a 24-hour calendar that allows you to strictly block off the most important part of your day," he said.Going forward, Brian said he plans to continue job juggling for the foreseeable future and that he's considering taking on a third full-time gig for a while to boost his income and job security even further. For him to consider working just one job, he said it would have to be remote and pay at least $250,000 annually.For now, one job isn't enough. He just wouldn't be able to trust that his employment would last."Most roles today come with an inherent longevity risk," he said. "That includes everything from a role being eliminated all the way to the department or the company being subjected to major staffing changes."Are you working multiple remote jobs at the same time and willing to discuss details about your pay and schedule? If so, reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>.

A Gen Xer who makes $150,000 secretly working multiple remote jobs says 100-hour weeks are worth it to ensure his family is financially secure

<ul class="summary-list"><li>I have five freelance jobs and still rely on my family for some financial support.</li><li>I've had to compromise on what financial goals I'll actually be able to achieve in this economy.</li></ul>Over the past month, I've been dealing with <a target="_blank" class="" href="https://www.businessinsider.com/moved-new-apartment-got-married-wedding-same-week-stress-2024-3">moving apartments</a> in New York City — which is a chaotic endeavor, to say the least. I knew that even switching my address for my WiFi would take multiple calls. But I was shocked when I was met with judgment for still being on my dad's phone plan.Each time I spoke with a sales associate, they advertised adding their mobile services to my plan, which I declined on multiple occasions. Each sales associate jokingly asked if I was on <a target="_blank" class="" href="https://www.businessinsider.com/millennial-still-on-parents-cell-streaming-plans-2024-7">my family's phone plan</a>, and I sheepishly admitted I was. I thought we'd continue the conversation about my internet plan, but I was met with a chuckle and a comment about how I'd save money switching to their plan.On one hand, I didn't care how they felt; they just wanted to sell me an added service. But on the other, I wondered why getting a little financial assistance from <a target="_blank" class="" href="https://www.businessinsider.com/family-travels-separately-more-time-individually-2024-7">my family</a> should be seen as a bad thing.I graduated from Columbia Journalism School just over a year ago with my master's, and since then, I've been working five different freelance jobs in writing, editing, and publishing — all while trying to find a full-time position. It's felt like an uphill battle just breaking into the journalism industry, and even with a busy schedule balancing various jobs, I'm still not meeting my present or long-term <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/financial-plan">financial goals</a>.My parents understand how difficult it's been for me to pursue my career while also living in one of the most expensive cities in the US — not to mention living with <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-borrowers-debt-cancellation-new-bankruptcy-guidance-justice-education-2024-7">student loan debt</a> looming over my head. So, they're happy to help me by letting me stay on the family phone plan and sharing their streaming services with me.<h2 id="f82cea8c-6845-4cc1-84ca-15098fa00716">At a time when it's so expensive to live, I compromise on what's realistic financially</h2>In today's economy, it's not surprising to me that fewer than half of young adults ages 18 to 24 are completely financially independent from their parents, according to a report from the <a target="_blank" href="https://www.pewresearch.org/social-trends/2024/01/25/parents-young-adult-children-and-the-transition-to-adulthood/">Pew Research Center</a>.Many of my friends moved back in with their parents after college to save money, and I've debated doing the same thing. Currently, I can afford my general lifestyle — my <a target="_blank" class="" href="https://www.businessinsider.com/mom-and-pop-landlords-homeownership-rent-wall-street-corporate-investors-2024-7">rent payment</a>, gym membership, and other basic needs to live my life — but my parents help offset some of my costs. It's not ideal, but it's where I'm at right now, and my family knows that I'm working hard to become financially independent.Like anything, finances are all about balance and compromise. My boyfriend and I save up to go out to dinner every once in a while or do activities that might be costly. We try to enjoy nice nights in with our friends and take full advantage of the many outdoor spaces around the city. We both have side hustles and work to <a target="_blank" class="" href="https://www.businessinsider.com/fiance-laid-off-overworking-myself-make-ends-meet-2024-4">make ends meet</a>.<h2 id="7419457e-38c4-47bb-a5a5-8bedd897ef84">But our future remains up in the air</h2>I constantly think about our future and financial goals when it comes to <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-buy-a-house-step-by-step-guide">buying a house</a>, getting married, or having a child down the line. For my parents, these were all goals that were easily within reach. But buying a family home or paying for the wedding of my dreams seems so far off for me.I've had many discussions with <a target="_blank" class="" href="https://www.businessinsider.com/moving-in-together-relationship-dynamic-change-2024-4">my boyfriend</a> about forgoing some of these conventional aspirations, but that feels super sad. I want them and don't want to let those dreams go just yet.Still, the thought of buying a house seems unattainable. We had to jump through many hurdles to <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-score/how-to-rent-an-apartment-with-bad-credit">rent an apartment</a> in Manhattan. There are crazy income requirements, such as making 40 times the monthly rent — and we did not meet this requirement. Just to be able to apply for an apartment here, we relied on some family members to be our guarantors (and they have to make 80 times the rent).I'm worried we will never be able to live on our own.<h2 id="86dc09a9-cc96-4fd9-8e6b-6d8f9e722d67">I'm grateful my family supports me and my goals</h2>I remind myself that everyone is on their own timeline, and there's no "right" way to live. I'm lucky to live in this city and I don't take that for granted. I'm determined to land my big break here.I'm grateful that my family is so supportive, and just knowing that makes me work harder to meet my goals. I know that one day, I'll be <a target="_blank" class="" href="https://www.businessinsider.com/fire-movement-how-to-hit-financial-independence-freedom-grant-sabatier-2024-4">financially independent</a>, and I'll be able to return the favor.

I got my master's degree and have 5 freelance gigs, but I still can't make ends meet. I rely on my parents for financial support.

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [India], January 29 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 that starts this April, said the <keyword id="19908390" type="General" weightage="20" keywordseo="ministry-of-finance" source="keywords">Ministry of Finance</keyword> in its monthly review report. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The robustness seen in domestic demand -- private consumption and investment -- traces its origin to the reforms and measures implemented by the government over the last 10 years, said the report issued by <keyword id="19912839" type="General" weightage="20" keywordseo="department-of-economic-affairs" source="keywords">Department of Economic Affairs</keyword>. "The supply side has also been strengthened with investment in infrastructure - physical and digital - and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country," the review report noted. "Accordingly, in FY25, real GDP growth will likely be closer to 7 per cent." There is, however, considerable scope for the growth rate to rise well above 7 per cent by 2030, the report added. "The rapidly expanding digital infrastructure is continuously improving institutional efficiency. Technological progress is picking up pace with rising collaboration with foreign partners in the production of goods and services. Decisive steps have been taken to speed up human capital formation. Finally, the overall investment climate is increasingly becoming more favourable with sustained enhancement in the ease of doing business." In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion, it asserted. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), it said. "This will be a significant milestone in the journey to delivering a quality of life and standard of living that match and exceed the aspirations of the Indian people." Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is done tightening its monetary policy have all contributed to painting a bright picture for the Indian economy. (ANI)

Indian economy likely to grow 7% next financial year: Ministry of Finance

<ul class="summary-list"><li>For many Gen Zers, feeling wealthy may mean living a fulfilling life instead of having a lot of money.</li><li>A new survey shows having "a better quality of life" makes more Gen Zers feel wealthy than financial security.</li></ul>For many Gen Zers, <a href="https://www.businessinsider.com/personal-finance/how-much-to-be-wealthy-new-york-san-francisco-dc-2023-6">feeling wealthy</a> doesn't necessarily equal being financially secure.More Gen Zers consider having "a better quality of life" (38%) a sign of wealth than having a certain amount of money (36%), according to a <a href="https://www.usbank.com/dam/documents/pdf/about-us-bank/company-blog/U.S._Bank_Young_Investor_Report_final.pdf" target="_blank" rel="noopener">US Bank survey</a> of 3,000 active and 1,000 aspiring investors from earlier this month. Nearly as many, 28%, say wealth derives from "living life how I want."In contrast, 61% of baby boomers said feeling "wealthy" means having financial security, followed by having good health at 33%. On the whole, 52% of active investors say financial security is the defining feature of wealth.According to the report, <a href="https://www.businessinsider.com/gen-z-millennials-time-money-financial-plans-wealth-boomers-schwab-2023-6">Gen Z investors</a> tend to be motivated by experiences and the pursuit of personal interests — a quarter said "being successful" and having the freedom to do what they want define wealth. Gen Z more than any other generation emphasized less tangible definitions of wealth.This data supports <a href="https://www.businessinsider.com/how-to-feel-wealthy-lifestyle-not-money-financial-assets-2023-6">June findings from Schwab</a> in which 61% of Gen Z respondents said "being able to afford a similar lifestyle as my friends makes me feel wealthy," in contrast to 31% of Boomers. The Schwab data suggests wealth is defined not by reaching some abstract net worth but rather by being able to live life the way one wants.That's not to say financial security isn't important to Gen Zers. Most younger Americans likely cannot reach the approximately $233,000 a year they'd need to feel secure or comfortable with their finances, according to a <a href="https://12ft.io/proxy?q=https%3A%2F%2Ffortune.com%2F2023%2F08%2F13%2Fgen-z-boomers-wealth-definition-financial-security%2F%3Futm_source%3Dpocket_saves%26utm_medium%3Demail" target="_blank" rel="noopener">new Bankrate survey</a>. Only 25% of Gen Z feels financially secure, with most predicting they'll be financially secure one day.According to US Bank, upwards of four in five Gen Zers investors reported being highly motivated to invest in new opportunities and experiences, nearly double the percentage of Boomers. As a result, many Gen Zers are willing to accept lower returns so long as the investments align with their beliefs and values.Nearly two-thirds of Gen Zers reported investing solely in businesses that support causes they care about and take public stances on particular issues — more than double the percentage of Boomers.Gen Z is perhaps investing more in experiences and passions due to their overarching concerns about the economy, which many say makes it hard to achieve financial stability amid high student loans and rents. Around 89% of active and aspiring investors reported being extremely or very concerned about inflation, followed by the possibility of a recession and rising interest rates.Boomer and Gen X investors reported being more pessimistic about their investments in the future than Gen Z investors, though nearly all Gen Zers still compare their financial situations to others including their parents, friends, and those on social media.While Gen Z is concerned about making ends meet, they're still spending a lot. According to Credit Karma data shared with Insider, the average Gen Z credit card balance is up 45% since March 2022. A Credit Karma survey from July 2022 shared with Insider further found that 21% of Gen Z respondents were willing to go into debt to share their experiences and purchases on social media.All this is to say Gen Zers may be looking to invest in vacations with friends to feel wealthy instead of saving up every dollar to feel financially secure.Are you a Gen Zer who has thoughts about what wealth means to you? If so, contact this reporter at nsheidlower@insider.com.

For Gen Z, financial security isn't enough to feel wealthy

<ul class="summary-list"><li>Some minority investors say crypto is still an important investment even after this year's big crash. </li><li>According to a survey, <a href="https://www.arielinvestments.com/content/view/4129/1849/">25% of Black investors own cryptocurrency</a> compared to 15% of white investors. </li></ul>In 2013, as crypto was creeping into the mainstream, Cleve Mesidor was working as an appointee in the Obama administration's Department of Commerce. As a favor to a friend, Mesidor helped pen a press release about <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>. Though fairly uninterested and unimpressed at the time, in just a few years Mesidor would find herself steeped in the world of crypto, quitting her job to become a full time representative of the industry and a committed investor. The awakening to the world of crypto came a few years after Mesidor helped with her friend's press release, when she watched "Dope", a movie about a group of Black teenagers who use bitcoin to thwart a financial criminal. The film, she said, sparked a vision in her mind of crypto as a path to racial equity, a tool for people who had been either accidentally or deliberately left out of the traditional financial system. That kind of awakening is a common experience for minority investors who say they're bullish on crypto — and who continue to hold even as the market suffers through a steep sell-off this year. The losses, they say, are inconsequential to the overall objective of the project, with tokens like bitcoin and ethereum providing a sense of freedom, and the potential to level the playing field with those who have never experienced discrimination from lenders or bankers. Jacob Faber, an NYU professor and an expert in social inequality, told Insider that the perspective of people like Mesidor was likely a result of a long history of discrimination in the financial system, with well documented evidence of bias in everything from opening bank accounts to getting a mortgage to getting a loan to start a business.<a href="https://www.arielinvestments.com/images/stories/PDF/2022-ariel-schwab-black-investor-survey-findings_4.5.22.pdf">A survey by Ariel Investments and Charles Schwab released in April</a> showed 28% of Black Americans say they distrust banks, compared to just 18% of White Americans. 56% also reported not feeling respected by <keyword id="12880283" type="UNKNOWN" weightage="60" keywordseo="financial-institutions" source="Orion">financial institutions</keyword> — something Mesidor can relate to. She recalled experiences of her and her family having loan applications denied or being treated poorly by bank employees."I wasn't even taken seriously. You know, when somebody is just like, 'why are you wasting my time?'" Mesidor said. "Get a degree. We did that. Get a good paying job with benefits, did that. And still it's not enough." The result over time has been that many Black and minority investors are either locked out or shy away from traditional investment opportunities that may be offered to white investors, and possibly lured by decentralized (and often riskier) investments.<a href="https://www.federalreserve.gov/econres/scfindex.htm">Only 34% of Black Americans own stocks</a> compared to 61% of white Americans, according to the Federal Reserve Board, but that ratio is flipped when it comes to cryptocurrency. Among <keyword id="14536007" type="UNKNOWN" weightage="60" keywordseo="black-investors" source="Orion">Black investors</keyword>, <a href="https://www.arielinvestments.com/content/view/4129/1849/">25% own crypto</a> compared to just 15% of white investors, Ariel and Charles Schwab reported.That also means that Black investors may have more significant exposure to 2022's crypto crash, which has slashed the total market value by about $2 trillion since last November and sent bitcoin tumbling from $69,000 to just over $20,000. But Mesidor feels the trend towards digital assets is only natural for Black investors."If traditional finance has worked for you, you see crypto as risky. You see it as speculative. For those of us who have been locked out, traditional finance is risky," she said. "Asking for a loan is risky. You know the answer, right?"Crypto has been touted as an egalitarian form of finance, away from banks and their conscious or unconscious biases. It's the beauty of what Mesidor refers to as "self-sovereign identity" — you don't need government attention to build the same wealth as your peers.Yet, others are more skeptical."The proliferation of <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> and non-fungible assets has become a kind of Ponzi scheme," NYU's Faber said of the trend, adding that any aspirations toward racial equity disguised the industry's risks, which could in fact further erode minority wealth. "The idea that this can be a democratizing currency is not supported by the facts at all," Faber said.And yet, Black investors are still twice as likely to say crypto is their best investment option, according to Ariel and Charles Schwab. After years of research, Mesidor ended a career in politics and dove into crypto full-time in 2017 as head of her non-profit Blockchain Foundation. She is unfazed by bitcoin's plunge, noting that this isn't her first crypto winter, but her third. "We've learned that get-rich-quick schemes in this society rarely benefit us," Mesidor said. "This is not about, 'oh my god, the price of crypto'. It's about building products and services, breaking down barriers, creating access for people." She says she is in the market for the long haul, and among thousands of tokens, she's bullish on the biggest."I think bitcoin is my north star in terms of crypto," Mesidor said.

Black investors say crypto is still key to building wealth even as digital assets see steep sell-off in 2022

<ul class="summary-list"><li>72% of Americans are financially insecure, according to a Bankrate.com survey.</li><li>Americans said they'd need to earn $233,000 to feel financially comfortable and $483,000 to feel rich. </li></ul>Many Americans aren't <a href="https://www.businessinsider.com/how-to-feel-wealthy-lifestyle-not-money-financial-assets-2023-6">dreaming about getting rich</a> — they're just hoping to feel financially secure someday. But most of them are a long way from reaching this goal. That's according to a June Bankrate.com <a href="https://www.bankrate.com/personal-finance/financial-freedom-survey/">survey</a> of 2,521 US adults, which found that 72% of Americans considered themselves to be <a href="https://www.businessinsider.com/americans-define-financial-health-six-figure-income-economy-2022-1">financially insecure</a>. These individuals said they would need to earn, on average, $233,000 per year to think otherwise.In 2021, the median US full-time worker earned roughly $54,000 per year, per the Census Bureau's <a href="https://data.census.gov/table?q=Earnings+(Individuals)" target="_blank" rel="noopener">American Community survey</a> — only about a quarter of the figure Americans are aspiring for. To feel rich, those surveyed said they'd need to earn, on average, $483,000 per year, nearly nine-times the median income. Bankrate analyst Sarah Foster told Insider that several economic factors are likely driving these results. "Long before inflation surged, Americans had been grappling with a massive increase in the cost-of-living, including but not limited to college tuition, health care and housing," she said. "Americans feeling that they need a major annual six-figure income first to be financially comfortable and about half a million a year on average to feel rich is a direct consequence of the rapid run-up in affording the items they both need and want."Since the turn of the century, the costs of big middle-class expenditures like childcare, healthcare, college tuition, and housing have risen 115%, 130%, 178%, and 80% respectively as of 2022, well above overall inflation, according to University of Michigan economist Mark Perry's analysis of <a href="https://www.businessinsider.com/made-in-america-products-more-expensive-2022-12">Bureau of Labor Statistics data</a>. <div type="image" title="Mark Perry chart" height="1278" width="1308" msid="101541932" hostid="261" sizebytes="101440"></div>Many Americans surveyed cited insufficient emergency savings and retirement funds as evidence they're not financially secure. 54% of US adults had three months of <a href="https://www.businessinsider.com/how-much-emergency-savings-americans-have-millennials-high-income-2023-6">emergency savings</a> in 2022, according to a May Federal Reserve report, down from 59% in 2021. When it comes to retirement savings, respondents in a Northwestern Mutual survey of Americans conducted earlier this year said they would need an average of <a href="https://www.businessinsider.com/retirement-savings-americans-think-need-over-1-million-to-retire-2023-6">$1.27 million to retire comfortably</a> — but the average respondent only had 7% of that saved. In the Bankrate survey, inflation was named the top factor holding Americans back from improving their finances, followed by the broader economic environment and <a href="https://www.businessinsider.com/fed-pauses-interest-rate-hikes-prices-jobs-your-wallet-2023-6">rising interest rates</a>.While many Americans may be a long way from feeling financially secure, some are optimistic that they'll get there eventually. Among those who said they were not yet secure, 46% said they expect to reach this goal someday.

Americans say they need a $233,000 salary to feel financially secure. To feel rich? They'll need more than double that.

<a href="https://www.businessinsider.com/category/women-of-means"></a><div type="image" title="Women of Means series, How to find a woman financial planner: Magnify glass on women's hand holding a stack of coins" height="835" width="1667" msid="90083386" hostid="261"></div><ul class="summary-list"><li><keyword id="12368569" type="UNKNOWN" weightage="60" keywordseo="financial-planning" source="Orion">Financial planning</keyword> is particularly important for women, who live longer and earn less than men.</li><li>Many women prefer women financial advisors, who can relate to the unique challenges they face.</li><li>If you want to work with a woman <keyword id="13337498" type="UNKNOWN" weightage="60" keywordseo="financial-planner" source="Orion">financial planner</keyword>, there are resources to help you find one.</li></ul>Women face unique financial challenges. They typically earn less than their male counterparts, take more time away from work because of child-rearing and family obligations, and, thanks to longer average life spans, require more retirement savings as well.For these reasons, a financial planner can be an incredibly valuable partner for women, ensuring their investments, savings efforts, and spending patterns align with their long-term goals for wealth and security. Are you looking for help setting and achieving your financial goals? Here's how a financial planner can help — and where to find the right one.<h2>The importance of financial planning </h2><a href="https://www.businessinsider.com/cfp" target="_blank" rel="noopener">Financial planners</a> are professionals who can assist with many aspects of your personal finances. They can help you set and reach savings goals, plan for retirement, choose investments, devise a tax strategy, and even make insurance decisions."A financial professional can answer questions and give advice based on your goals and unique situation," said <a href="https://lifehappens.org/board/faisa-stafford/" target="_blank" rel="noopener">Faisa Stafford</a>, president of the financial nonprofit, <a href="https://lifehappens.org/" target="_blank" rel="noopener">Life Happens</a>. "Rather than just adopting a cookie-cutter financial plan, they will build you a plan from scratch to address your individual needs and aspirations. They account for your life stage, where you are in your career, the age of your kids, if you have a mortgage, own a business, etc., to make a plan that works for you now, but also five, 10, 15 years down the line." While anyone can benefit from a financial planner's help, it's particularly helpful for women, who tend to live longer (by about five years), <a href="https://www.pewresearch.org/fact-tank/2021/05/25/gender-pay-gap-facts/" target="_blank" rel="noopener">make less money</a>, and <a href="https://www.dol.gov/sites/dolgov/files/OASP/evaluation/pdf/WHD_FMLAGenderShortPaper_January2021.pdf" target="_blank" rel="noopener">take more career breaks</a> than men.According to Stafford, the pandemic has also made financial planning incredibly important for women."The pandemic has revealed the disproportionate burden women face in caring for their families, leading millions to leave the workforce," Stafford says. "With more women leaving jobs and coming home, they are losing not only their income but the benefits that were afforded to them by an employer, like the life and disability insurance and retirement plans many employers provide. It's a misconception that stay-at-home parents don't need these benefits or a financial plan. They are contributing to the household, and their unpaid contributions to the family are invaluable."Quick tip: If you're interested in working with a financial planner, a good place to start is <a href="https://www.letsmakeaplan.org/" target="_blank" rel="noopener">LetsMakeAPlan.org</a> — the official directory of Certified Financial Planners.<h2>How to find a woman financial planner </h2>Some women may prefer to use a financial planner of the same gender, as it can help to have an advisor who understands their unique challenges and goals. "A meaningful component of a successful relationship between client and advisor is trust, and trust is built through connection," Emily Bentley, a managing director at wealth-management company <a href="http://www.homrichberg.com/">Homrich Berg</a>, said. "Shared experiences are an organic way to connect, and women choosing women as financial advisors broadens the opportunity set to connect."Women financial planners may also be easier to feel comfortable with. "Women relate to women in a way that men can't," Maggie Gomez, a certified public accountant and founder of <a href="https://moneywithmaggie.com/" target="_blank" rel="noopener">Money With Maggie</a>, said. "It's always nice to be completely heard and understood. This comes much more naturally for women from what I've seen."While there is no specific directory for women financial advisors, there are resources that can point you in the right direction. These include:<h3>1. <a href="https://www.letsmakeaplan.org/" target="_blank" rel="noopener">LetsMakeAPlan.org</a></h3>This is the CFP board's official directory. You can search by location and service, and while there isn't a way to filter by gender, each entry does include a name and often a photo. There are also details on planners' services, minimum asset requirements, and languages spoken. <h3>2. <a href="https://www.forbes.com/best-in-state-women-advisors/#635163496b20" target="_blank" rel="noopener">America's Top Women Wealth Advisors</a></h3>In partnership with Shook Research, Forbes publishes a list of the top women financial advisors annually. These are broken down by state and feature a small blurb about their background, investment philosophy, and more.<h3>3. <a href="https://www.xyplanningnetwork.com/" target="_blank" rel="noopener">XY Planning Network</a></h3>While XY's search tools don't let you filter by the planner's gender, you can choose from a number of "gender/identity focus" specialties. Choose from planners who focus on women business owners, entrepreneurs, and doctors, single women, divorced women, and more.<h3>4. <a href="https://www.napfa.org/" target="_blank" rel="noopener">National Association of Personal Financial Advisors</a></h3>NAPFA is an organization for <a href="https://www.businessinsider.com/personal-finance/fee-only-financial-advisor" target="_blank" rel="noopener">fee-only financial planners</a> — those that do not charge a commission for any of their services. Its search tool allows you to find planners and planning firms in your area, though you cannot filter by gender.Quick tip: You can also get personal recommendations. Ask your friends, family members, and colleagues which professionals they've worked with and if they found value in their services. <h2>How to find a CFP professional that specializes in LGBTQ communities </h2>Members of the LGBTQ community may prefer a financial planner who is also LGBTQ, an ally, or who specializes in their unique needs. "People want to work with financial professionals who understand what they are going through and what they will go through," Stafford says. "This leads many to look for someone who understands their background and can relate to them culturally. Trust is also a big factor, so it's more likely for a person who has a similar background to get you and what you want out of your finances."Personal recommendations are a good option for finding a planner who specializes in the LGBTQ community. You can also use <a href="https://www.xyplanningnetwork.com/" target="_blank" rel="noopener">XY Planning Network</a> or <a href="https://directory.garrettplanningnetwork.com/search-member-profiles" target="_blank" rel="noopener">Garrett Planning Network</a> and filter by a variety of LGBTQ-related financial service providers. <h2>Finding the right fit</h2>In the end, it's important to find a financial planner you feel comfortable with, regardless of gender. Sometimes, this may take some time. Don't be afraid to interview several options before deciding."While it can seem like a daunting task, I like to remind people that you don't have to pick someone based on their online profile or right away," Stafford says. "Meet with people until you make a connection. It may be the first person you speak to or the third. Take the time to have an introductory call — there is no commitment in doing this, and it's free."<ul class="read-more-links"><li>Read more from <keyword id="13329282" type="UNKNOWN" weightage="60" keywordseo="women-of-means" source="Orion">Women of Means</keyword>:</li><li><a href="https://www.businessinsider.com/personal-finance/trans-woman-saving-money-gender-affirming-care-2022-3" target="_blank" rel="noopener">I'm a trans woman saving money for gender-affirming care, and I'm using 4 strategies to do it</a></li><li><a href="https://www.businessinsider.com/personal-finance/pink-tax" target="_blank" rel="noopener">The influence of 'the pink tax' is about more than just higher prices. Here's how it works and how it affects women's finances.</a></li><li><a href="https://www.businessinsider.com/personal-finance/vietnamese-american-woman-supporting-relatives-2022-3" target="_blank" rel="noopener">As a single Vietnamese American woman, I'm expected to help aging relatives. My 4-part savings strategy makes it possible.</a></li><li><a href="https://www.businessinsider.com/personal-finance/system-automate-grow-money-profits-first-2022-3" target="_blank" rel="noopener">A Nashville entrepreneur breaks down the 5-step 'profits-first' system she uses to keep her money automated, unemotional, and growing</a></li></ul>

You Searched For "Financial aspirations" and got 9 results

SLBCs can play effective role in financial inclusion by better coordination with govt, NGOs: RBI DG

PTI

Financial literacy is not always taught in school. Here's how parents can prepare their kids to budget and invest wisely.

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A Gen Xer who makes $150,000 secretly working multiple remote jobs says 100-hour weeks are worth it to ensure his family is financially secure

Jacob Zinkula

I got my master's degree and have 5 freelance gigs, but I still can't make ends meet. I rely on my parents for financial support.

Averee Nelson

Indian economy likely to grow 7% next financial year: Ministry of Finance

ANI

For Gen Z, financial security isn't enough to feel wealthy

Noah Sheidlower

Black investors say crypto is still key to building wealth even as digital assets see steep sell-off in 2022

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Americans say they need a $233,000 salary to feel financially secure. To feel rich? They'll need more than double that.

Jacob Zinkula

How to find a woman financial planner

Aly J. Yale

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