A Study of Financial Planning on Young Individuals in Delhi NCR

Abstract

This research paper investigates the significance of financial planning for young individuals in achieving long-term financial security and stability. With the increasing complexity of the financial landscape and the challenges posed by economic uncertainties, effective financial planning is indispensable for the younger generation. The paper examines various strategies and tools available for young individuals to manage their finances prudently, including budgeting, saving, investing, and debt management. Additionally, it explores the role of financial education and literacy in empowering young people to make informed decisions about their finances. Through a comprehensive review of existing literature and case studies, this paper highlights the importance of early financial planning in building wealth, mitigating risks, and achieving financial goals. Furthermore, it discusses the potential barriers and challenges faced by young individuals in implementing financial plans, such as student loans, low income, and lack of knowledge. Finally, the paper offers practical recommendations and actionable insights for young individuals to enhance their financial well-being and lay a strong foundation for a secure financial future. Monetary items function as a venture route, providing the financial supporters with the predefined monetary security and upholding the monetary items' gamble return profile. In the past traditionally, In India, banks (credit and store accounts), the Life Insurance Corporation (LIC), and the Post Office (repeating shop, National Saving Certificate, Kisan Vikas Patra) all displayed financial products. However, in recent times, as the financial services sector has advanced, new financial products have been introduced, including common stocks, shares, subordinates, annuity plans, children's education plans, life and non-extra security plans (Unit Linked Investment Plans, or ULIPs), common assets, and shares. Each person behaves differently when contributing, therefore each has a different predisposition towards speculation. A private person's investment behavior is influenced by his own circumstances. With the presumption of producing yields people invest in a few financial goods with the hope of earning sizable returns over time and with varying degrees of risk. The goal of the current analysis is to examine how salaried individuals speculate about financial goods that are supported by various segment elements.