The Hindu : Karnataka / Bangalore News : Encourage youngsters to save for future

Online edition of India's National Newspaper
Saturday, Sep 02, 2006

Karnataka

Karnataka - Bangalore

Encourage youngsters to save for future

With high income, unlimited choices there is a risk of people falling into debt traps, feel our readers

Nothing wrong

There is nothing wrong with the "work hard, play hard" lifestyle of young professionals and businesspersons. The inherent risk is that some may be tempted to live beyond their means and fall into a debt trap.

The old habit of "saving for a rainy day" has almost disappeared. Young people with large incomes need to realise the need for saving, at least through sound insurance schemes.

K. Mohan Ram,

Lingarajapuram

Aiming high

At least some sections of the economy are thriving owing to the high spending by a group with large incomes. Even the middle-income groups have set their sights high and those used to two-wheelers are now going for entry-level small cars.

The consumer culture is bad only in that it encourages people to spend beyond their actual income.

Sowmya Rao,

Wheeler Road

Balance needed

The one disturbing trend in the consumer culture is that it is too easy to spend beyond one's limits and get into a spiral of debts. On the plus side, with consumer power stronger than ever, better choice and products of better quality are in the market. The young with large disposable incomes need to prudently balance spending and saving.

S. Pishe,

Indiranagar

Provident fund

Once even a person with limited income used to save a part of it. Low interest rates on bank deposits have practically discouraged it. More private managements need to encourage the provident fund/ pension fund options to their young employees.

D.S. Manjunath,

R.T Nagar

Encourage saving

With good healthcare adding decades to the average life span, those young and with large pay packets should seriously think of post-retirement plans. Saving habit should be encouraged; it is not all that old fashioned.

A. Krishnaswamy,

Basavanagudi

NEXT WEEK: Women constitute half the workforce or more in many sectors now. But many working women feel they are overlooked when it comes to top positions; others complain about workplace harassment and gender discrimination. The mindset of men may be changing too slowly, if at all. Readers are invited to send their opinions to The Hindu, 19 and 21 Bhagwan Mahaveer Road, Bangalore 560 001, or email bglreflections @thehindu.co.in

Lingarajapuram

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