Financial freedom means different things to different people. To some, being financially free is the ability to pack their bags and wander around the world. To others, it’s about leaving the world of 10-6 behind and start something of their own without having to worry about their finances.
According to a recent survey we conducted, 73% Indians already know what financial freedom means — a solid plan to retire whenever they want.
“Zillennials” or Gen Z (people born after 1996) seem to know their finances better than their predecessors, the Millennials (those born between 1985-95). 41% of Gen Z already know how much money they need to maintain a good lifestyle in “retirement” without depending on a regular 10-to-6 salary. Millennials, on the other hand, are less sure. Only 26% know what they need to finally get out of the mundane cycle of work-sleep-repeat.
55% men reported working towards their financial freedom. Women came in a close second at 45%. The numbers would’ve been significantly different a decade ago, with women coming in at a much smaller percentage. So, yay! More girl power to you!
Out of the people surveyed, 48% of the men consider themselves financially literate. With women, this number is at 31%. What is financial literacy? It is about knowing your finances. If not inside-out, then at least enough to manage your own money better.
Over 70% of the people above 45 years of age said they’d like a second chance to be able to manage their finances better. So, clearly, the old adage which equals age with wisdom is (not) at work here!
Financial freedom — it takes a little bit of work to get there, but it is worth every single moment, thought, penny spent on it! Let’s step into a world of our own making.