Financial Wellness In India And The Technologies Aiding It

There is no denying the fact that money plays an extremely important role in helping people lead a happy and comfortable life. It is the awareness of this fact that leads people to opt for saving and investment programs that can ensure their long-term financial wellness. Apart from the individuals themselves, companies are also showing an active interest in enhancing the financial well-being of their employees. This growing awareness about financial wellness has been aided significantly by the advent and use of various technological tools such as quick cash loans online. However, before getting familiar with these technology tools, it is important to gain a better understanding of financial wellness itself.

Financial Wellness – A Brief Overview

Financial wellness can be defined as the process of learning the successful management of financial expenses. It helps people keep track of their expenses, make a budget and follow it, while becoming financially responsible and independent. People learning financial wellness tend to develop smart habits that help them attain their financial goals. Since financial worries are often the primary cause of stress, anxiety, fear and a sense of uncertainty amongst individuals, learning these key skills can help improve their overall physical and mental wellbeing. It will also make them better prepared for handling potentially stressful financial situations that they might have to face in the future.

Financial Wellness Solutions for the Indian Masses

More than half the population in India is below the age of 35 and for most of these young millennials, financial wellness is not an unfamiliar term. In fact, a large percentage of these young Indians are already using various methods for ensuring their financial well-being. Not surprisingly, most of these methods are technology-driven and are designed to overcome the specific challenges faced of this generation. The extensive usage of mobile devices has further enhanced the influence of technology on various financial wellness strategies. This has made it possible for the Indian masses to get customized products and services that can help improve their financial stability and growth.

Technologies That Help Aid Financial Wellness

As mentioned before, the advances in technology have had a deep impact on the financial well-being of strategies sought by different individuals. It has provided people with various advanced tools that can help them plan and manage their finances in a better manner. The most important of these tools that are aiding the financial well-being of the Indian masses are discussed in brief as follows.

Digital Wallets: Digital wallets have played a vital role in simplifying financial transactions for people of all ages and belonging to different financial backgrounds. They can be used for making small payments as well as conducting major financial dealings and even for availing short term loans. Most importantly, they offer instant and anytime access of complete financial details to users, which makes it easier for them to plan and manage their funds as per their specific needs.

Corporate Credit Cards: Corporate credit cards are issued by organizations to help employees cover business expenses. These are generally prepaid cards that are topped up with a specific amount to ensure that the employees do not have to use their own funds for business needs. The credit cards have proven to be extremely beneficial for the employees, who need to interact and cater to clients on a daily basis, or are required to travel extensively to promote their business.

Financial Apps: Financial apps have gained much popularity amongst the younger generation. These apps offer a wide range of financial services to fulfill the specific needs of users. These apps even offer reliable advice and guidance to the users about the best investment options for financial security and stability.