Financial literacy is an essential life skill for engaging in modern society. Children are developing in a more complex environment where they will eventually have to manage their own financial future on their own. For young people to manage their money effectively, become financially stable, accumulate assets, and accomplish their own goals, financial literacy is essential. In order to comprehend what money means to today's youth in a growing world, this series explores students and young working professionals and their perspectives on money and finance.
Zubia Kamal of Muzaffarnagar Medical College tells MintGenie in an interview about how with the privatization of every sector, career-related decisions are increasingly governed by money. Being a doctor has been her passion since she was a child because she has always wanted to give back to society. Watching bollywood movies and reading novels are her primary interests that also help her destress when the burden of a medical college gets too much.
What does money mean to you? Is it the most important factor when it comes to your life decisions like what to study, career and so forth?
Money is a means for me to lead the life I desire for myself and those around me. It gives us a sense of empowerment. Women's education is important for a society's upliftment, as is an independent earning woman. A lot of well-educated women aren't able to escape violent households because they fear they won't be able to provide for themselves or their kids. Hence, money gives a sense of security and helps to make decisions without any social pressures.
It has definitely become an important factor in making everyday decisions. With the privatization of every sector, career-related decisions are increasingly governed by money. Medicine being one of the most expensive career options these days, one with limited resources cannot even think about pursuing it.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
Around 40 percent of my pocket money is spent on travel, which includes travelling from my college back to my home, 50 percent is spent on other miscellaneous things like food and shopping, and I save around 10 percent of my money every month for any additional or emergency expenditures.
What are the things you want to spend money on?
Being an MBA student, one virtually ever has time for themselves, thus I want to use my money to treat myself to a break from the hectic schedule. Consequently, I want to take care of both my physical and emotional wellness.
One grows weary of the same old pattern, thus in order to break it, everyone needs an escape in the shape of interests, skills, brief excursions, etc. I would use the money to further my own research into many subjects and to purchase non-medical literature that would benefit me in other spheres of life.
Do you save money? If yes, how frequently and what do you do with this money?
I'm a second-year medical student. Since I don't have a steady source of income and live in a hostel, I find that I spend money on a lot of things that I might have saved if I had been living with my parents. If I reduce my spending just a bit, I could save a sizable sum of money, but currently, I am hardly able to save any money.
What does having a job mean to you? What are the top two factors you will want to think about when deciding a company to work for?
I would feel more secure if I had a job since it would be a consistent source of income. I would be able to spend money on many things that I previously couldn't. First, I would consider how the job experience provided by the firm would help me improve, as well as how I would advance in that particular organisation. Next, I would consider the compensation provided.
What do you think about investing your money? If you have a certain amount of money set aside, will you want to invest it in the stock market, mutual funds, or do you just keep it in your bank savings account?
I believe that one should continue to invest their money; in fact, I believe that one should begin by investing a little portion of their pocket money, as this would provide them practical experience with investing. if I have a certain amount of money then I would invest it because today the kind of lifestyle we all aspire to live is very hard to afford with a single source of income. It is thus preferable to invest money than to put it in a bank earning little return.
Do you think you have an understanding on how to save and invest? If yes, how did you learn? If not, are you trying to learn?
I believe I have a limited grasp of how to invest and save money, but whenever I start earning money later in life, I'll strive to learn new strategies. Whatever information I know comes from family talks about the subject.
Do you follow social media influencers and follow their investment advice?
No, I don't follow social media influencers for investment or financial advice because I think any advice on money-related matters should come from a reliable and trustworthy source. For any financial advice I come across on social media, I make sure to check its credibility.
Do you talk to your mother or your father about money and learn from them or follow their advice?
Although the stock market and shares are not something we regularly discuss at the dinner table, I do hear the subject being discussed. All money-related decisions are based on their opinions; however, I have yet to ask them for their advice on the subject because I haven't really thought about investing.