Increasing financial literacy of India
One of the things that Kunal Shah talks about is increasing the financial literacy in the country.
I see that question as a failure of capitalism. The industry lacks intent.
- Emergency fund? I don’t see popular products that specifically market themselves as emergency fund. It just labeling. Underneath it’s all FD, or govt or secure bonds.
- Same goes with goals like wedding, education, vacation, retirement, etc. Likewise for health insurance.
- Spend some money to make it less boring. Kapil Sharma, Tarak Mehta, KBC, Filter Copy, etc. can have content on it.
- Have home and auto loan forms can ask if applicants have Emergency funds, Health insurance and give the yays with some edge over nays. Have credit scores factor these in as a person with these is less likely to get into defaults compared with nays.
- People with better financial health should be rewarded.
- Gamify saving and investing. It should be a fun thing to do than a necessary thing to do.
- Gamification over marketing and unethical sales.
- Finance for majority of us and majority of usecases is a solved problem.
- Make saving and investing a status symbol.
- CRED Karma/coins. Investing more money in MFs than spending on credit card bills gets users more karma among other factors.
- Track their net worth/investments and give them more karma.
- Karma can be a huge component in the status game. Similar to Black Mirror’s Nosedive episode. Only not dystopian. Some/Many(?) people are already checking Cred scores before renting out in Bangalore.
- CRED can have a financial checklist that users can verify and get more karma. E.g. if you can verify that you have health insurance then you get x karma. Emergency fund, y karma. Etc.
- It should be a game and a journey of status inside CRED.
If you liked this post then please share with your friends! Click here to share on Whatsapp. Please subscribe to my newsletter if you want to get my posts in your inbox.