Why many Indian adults share complicated relationships with money? Entrepreneur Ankur Warikoo shares key parenting habit behind that

Ankur Warikoo on money, parenting: When it comes to conversations on finances, most adults seem to share a complicated relationship with money. Even constant comparison, discouraging curiosity and prioritising society’s opinions have much deeper roots.

In an Instagram post, entrepreneur Ankur Warikoo recently shared key parental habits and the critical and sensitive role it plays in shaping the entire world.

He, however, made it clear that his post is not against parents. Instead, it seeks to aware how an individual's parents, for no fault of theirs, could impact him or her, while parents should also be aware of how their actions drive an entire life.

This comes at a time when financial literacy has been at the centre of discussion whether to be integrated early into the schooling system.

‘Financial knowledge a core life skill’

Shamika Ravi, Member of the Economic Advisory Council to the Prime Minister, had described financial knowledge as a "core life skill" equivalent to knowing how to drive or swim, news agency ANI reported.

"Financial literacy is like a core life skill, it's like knowing how to drive, like knowing how to swim. And of course, you can stay away from the water and perhaps hire a driver or use public transport if you are in a city like that. But how do you stay away from financial knowledge? It's part of your core assets you're working hard to build," she was quoted as saying by ANI.

Ravi emphasised the necessity of an institutional platform to address a problem that the country has discussed for 30 years, the report said.

She further noted that financial literacy remains a "non-tractable" challenge because different segments of the market require vastly different approaches to education, the ANI report added.

Addressing the transition from savings to investment, Ravi said that while India traditionally has a high savings rate, much of it remains in illiquid assets like land and jewelry. "If savings has to be mobilized into investment, it has to go through the financial market," she explained as cited by ANI.

She observed that India now has over 100 million active participants in the equity market, a milestone that brings "its own set of innate risks."

She further explained that financial institutions are unlikely to lead literacy efforts as a business model because "it's a costly exercise" and "it will never be a business model" to spend hours educating a single borrower, the report added.

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