Category: Miscellaneous

13 Aug 2024 16:57

Joined:	03/03/2011
Level:	Gold
Points:	10278

Points:	5

What would be an appropriate age for our young adults to be financially independent?

Recently, one of my relatives residing in the US celebrated the graduation party for her son, who finished his 12th grade. During that party, he received gift cheques as funding to go for higher education. In the US, parents will take care of their kids' finances up to 12 grade and they leave their wards to manage their college studies on their own. They support to some extent, but not completely. She emphasized that young adults should learn to manage their finances by taking up part-time jobs or assistantships in schools (colleges) and know the importance of financial independence since higher education in the US is expensive.

Which would be the right age for our youth in India to manage finance? What is your feedback on this issue as an Indian parent?

#781662

14 Aug 2024 11:29

Joined:	25/11/2014
Level:	Diamond
Points:	43292

Points:	5

What the author has indicated regarding the culture being followed in America is applaudable. They take care of their needs so that they can understand the role of finance in their lives with the prudent management of finance after their class twelve.
Considering our culture, it is somewhat different and I am sure, we cannot come to par with the American People The country can manage its financial position very comfortably and so is the case with people living in different families. In our set-up, we do have a different culture noticeable in different households. It is because of the existence of different financial patterns prevalent in the different homes. Some families are quite affluent but the majority of families are struggling hard to manage their family expenses - what to talk about managing the education of their kids. The kids remain stressed and curtail many items to keep their parents happy during their student lives.
So in no way, we can take their place in financial management.

#781665

14 Aug 2024 12:05

Joined:	10/12/2016
Level:	Diamond
Points:	109183

Points:	4

Indian situations and circumstances are quite different from that of US. In our country a student is dependent on parents till one gets a job. Even after getting a job they take help from parents especially for costlier items.
Another interesting point is that even if the student wants to do some job the remuneration is very less and becomes a demotivating factor.
So, I would say that till the student is able to get a job there is nothing that could be done and that becomes the age when one is independent financially.

Knowledge is power.

#781668

14 Aug 2024 14:06

Joined:	19/06/2011
Level:	Gold
Points:	87960

Points:	5

The opportunities of earning while learning were almost non-existent in our country till a few years ago. Those were the days of unemployment. It was only after the90 that the employment situation improved much. On the contra in the pre-90 decades, it was actually 'learning after work' or part time learning or employed people pursuing their education by evening classes or distance learning.
But now the formal education continues minimum up to graduation in all cases and even beyond. The system and culture of part time job during education has just started. Hence our youth are still far from financial independence until at least to the age of 22-23.

Earlier at least in many lower income families the children used to assist their parents in their work or do their own work like small vending, helper jobs, errand runs o as casual laborer. etc. and earn money whatever they can. They may join jobs or even start some self employment ventures even at the early ages of seventeen and eighteen just after high school education or some diploma or vocational training. So many of them use to be financially independent as soon as they become adults.

In the case of those undergoing medical education, I think they can become financially independent only by the age of 30 in the current situations in this country.
Now many of our youth are going abroad, getting scholarships and assistances, There they are able to do part time jobs. Then they get sure placements. Thus such youth have started becoming financially independent much earlier.

#781671

14 Aug 2024 15:11

Joined:	02/06/2009
Level:	Diamond
Points:	145594

Points:	4

Financial freedom will come only when an individual starts earning. As long as the individual depends on his/her parents for his money requirements, he can't be independent.
When an individual completes his education and starts earning, he will have money that is earned by him. Then only he will have his financial freedom. In India, parents and children bond will not go with age. The individual has to earn his own money.
But a person who completes 18 years of age, will have a chance to earn. Once he starts earning we can give him financial freedom. But it is never correct to give money and leave a student to spend that money as he likes.

drrao
always confident

#781675

14 Aug 2024 18:23

Joined:	30/11/2015
Level:	Gold
Points:	1437

Points:	2

Once education is over people should start doing a job. There is no point in wasting time because only experience count these days. People who don't have any work experience will never gain any skills and struggle throughout the life. These degrees and certificates are incomplete without work experience and skills.

Thanks and regards.

#781681

14 Aug 2024 21:14

Joined:	20/01/2017
Level:	Diamond
Points:	25422

Points:	2

I think students should be taught to learn once they complete their graduation. They can do some part time job to earn and understand the value of money and keep their further educational aspirations intact.

Thoughts exchanged is knowledge gained.

What would be an appropriate age for our young adults to be financially independent?

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