4 Myths and facts about financial planning you should know
world financial planning day on October 4, 2023, the Financial Planning Standards Board (FPSB) India, released a survey report titled 'Global Value of Financial Planning Consumer Study 2023'.
The survey report focuses on many aspects such as financial confidence, quality of life, financial satisfaction, etc. The FPSB report also talks about the myths surrounding financial planning among Gen Y (millennials) and others that actually stops them from getting advice from a financial planner.
Here is a look at the four financial planning myths the FPSB report has debunked.
Myth Number 1: Financial planning is only for the rich
There is a myth among individuals that financial planning is needed by rich individuals only. According to the report, when individuals (earning Rs 65 lakh or less) were receiving advisory from a financial planner, their quality of life was three points higher than those individuals who were not under any advisory from a financial planner.
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Further, the financial confidence of those receiving financial advisory is four points higher than those not receiving any financial advisory. In the case of financial satisfaction, individuals having a financial advisor is 6 points higher than those not receiving any advisory.
Source: FPSB report
Unadvised individuals understand the importance of financial planning. «Less affluent unadvised consumers view financial planning as helping them address their key unmet needs of improved decision-making confidence, financial well-being and peace of mind,» mentioned the report.
Source: FPSB report
Myth 2: Financial planning is only needed at retirement
The second myth is that financial
