Scrolls of Financial Lessons

Financial influencers on social media have taken on the responsibility to keep young India informed about money matters. Here's how they do it

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EARNING money in your 20s can feel liberating - a relief from being financially reliable, and a freedom from being extremely calculative about spending. From spending a little extra on a box of Ferrero Rocher and splurging on Rare Beauty blushes to planning vacations, the possibilities of spending seem endless.

But there is a twist to this easy process of earning and spending every February, the Union Budget is presented, and then in July, we scram to file Income Tax Returns (ITR). Financial jargon starts cropping up everywhere making young citizens feel intimidated and averse to the seemingly complex financial world familiar only to bankers and economists.

To debunk this notion, lessons on money matters are making waves.

Financial influencers are making the concepts sound as easy as learning one's mother tongue. From breaking down stock market trends to explaining taxes in 60-second videos, these creators are reshaping how people learn about money.

Harish V (@financewithharish), a financial influencer on Instagram, was in a dilemma-a world of chasing money and bearing the responsibility of saving up. Reading The Richest Man in Babylon, Rich Dad Poor Dad, and other financial advice books, he understood the power of money. He posted what he learnt on Instagram. "I started my page during Covid with posts explaining basic terms such as inflation. I shared it with the example of eggs. In 2014, it was two rupees. Now it is five rupees.

This is inflation," says the creator.

He points out the differences in petrol prices. While a litre was priced between ₹70 and 75 in 2019, it has increased to 100 in recent times. Other examples include gold (average rate of ₹3,500 per gram hiked to an average of 8,000 today), cooking gas (average ₹500 in 2019 to an average ₹800 today), electricity bills, and minimised returns from fixed deposits.