Overcoming Challenges and Retirement Advice

OutlookIndia

#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.  #IDFCFIRSTBank #CelebrateRetirement #OutlookMoney40after40 #OutlookMoney #40After40 #FinancialPlanning

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00:00I would like to make a statement here and why the penetration is low is because we are educated,

00:05but we are not financially educated. Most of the Indians right now, they are not financially

00:10educated. We might have done a PhD or a MBBS or maybe engineering or whatever. We are not

00:15financially educated. Most of us, we do not understand these topics. So the objective of

00:21a CFP professional is not only to obviously recommend products or consult with the clients,

00:26but their major objective is to educate the clients towards their finances. Because

00:30when we look at retirement planning, people say that, okay, when should I start planning for my

00:35retirement? And I would say that you should start planning for retirement at the time of your first

00:39salary instead of the last salary. Most of us, we start post the last salary only. And that's the

00:45reason why the uptake is low. In fact, most of the products which are being sold right now in terms

00:50of retirement planning, especially the NPS itself, most of us, we take NPS for the purpose

00:56of tax saving. I think time has come for us to start understanding that this is something

01:00which is beyond tax saving. This is about our life. This is about our legacy.

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