One of the female staying in chawls in Lalji Pada, asked me to suggest which bank accounts she should deactivate, how much interest she will get in bank, where she can invest... After a while she shared her pass book, as she was asking me if she should discontinue... I saw several cheque bounce entries, while her account was mere 1500+ account. She told me it was a scheme she had invested as well for some cheque on her names, but they bounced. And she presently is investing some 100/- per month in cash, giving to some Lady who is sister of some lady who works with some political office. On further questioning she shared that, she took copy of pass book, pan card, have maintained register with photos and name of people who invested with her for 3 years.. Guess whats return committed 100% double and said its a government scheme, where money doubles in 1 year. No proof of investment given. No logic shared. 5 things which comes out of the above dialogue 1) Greed to earn fast. And its base for majority of decisions 2) Financial illiteracy - not a single investment guarantees double return in a year. 3) Illiterate - lack of basic understanding and reading bank pass book 4) Blind trust and fear if someone is connected to Politics. I.e emotion rules 5) All elections awareness is done in news paper, media, campaigns - addressing and sharing information with educated / literate. So which ever party you and me vote are least to answer the local and ground level challenges. Real help can come - family who have time for each other. - Schools & Teachers. Not the so called primary education system which are name sake or money minting business - at local level, not only Social worker and Politician, but YOU (who works for people not cameras) What can I contribute is a question to each one of us. Dont just get provoked ( which our leaders successfully do)... TAKE ACTION ACTION STEPS, are those which not only inpires but can be acted upon. I COMMIT TO MYSELF, I WILL SHARE BASIC FINANCIAL LITERACY WITH PEOPLE WORKING WITH ME and AROUND.
Posted on: Wed, 09 Apr 2014 06:09:56 +0000