“7 Financial Planning Tips For Salaried Employees”
90% EMPLOYEES WILL NOT REACH COMPANY DEFINED RETIREMENT AGE 60
oday, in this modern world science, technology, artificial intelligence(AI), automation have given high speed to life. Still financial awareness and financial education are something that many ignore at the cost of future. Financial education is something that should be taught in every school. Money management should be given equal weightage with other subjects like algebra, physics, biology, etc. At present people are conditioned to get a degree, get employed only. In absence of financial literacy they feel that earning more is the only solution. And hoping for better finance which they have no idea about. People must know both, how to earn and manage money for better life.
In the survey carried out by Willis Towers Watson(2016), 56% of the employees fear that they will have less comfortable retirement than their parents and 52% of respondents feel financial problems are making them less effective at work.
Now NEW NORMAL is the trend. Covid 19 acted as catalyst, it would have shown the impact in next 10 years otherwise. In India middle class or working class is the biggest sufferer of covid. People suffered the trauma in form of loss of lives, loss of jobs, financial loss in business. In some time again the life will be normal and everything will be like pre covid times. One thing, everyone must remember that 90% families may face financial disaster after leaving job.
Here are 7 reasons for the failure of employees in the present days.
Negligence causing financial disaster
Negligence is the first reason of failure. When it comes to finance, Negligence or treating money casually are the main reasons for financial failure, sooner or later. People work hard for their livelihood, running in a race where the end is not visible. With the search engines like google, bing, etc today we can access any data in seconds, but still 90% of the population is ignorant to management of finance.
Skill set near the level of saturation by age 40…
Automation at work
Rapid growth of technology, science, artificial intelligence (AI) and automation began to bloom as spring’s rose. Machines have been replacing humans since the early 20th century and It is undeniable that every worker is going to be replaced with machines in the future. Eventually some day software programmers will replace themselves with super computer. Automation becomes one of the reasons to plan your monthly income with or without job.
With greater efficiency and productivity, the production may be boosted up but workers are the one who are greatly affected. Replacing workers with machines leads to financial disaster for employed class.