“The financial markets became deeper and better regulated, bringing in higher credibility and more instruments,” says T. As the economy opened up and financial landscape started to alter in the 1990s, so did people’s options, attitudes and awareness. However, by the time Millennials came around, things had begun to change. “My parents were afraid to take loans and bought their house with cash alone,” he says. Agrees 35-year-old Snehasis Banerjee, a scientist from Kolkata. Stock markets were looked upon as gambling dens, a high risk to be avoided at all cost loans were a necessary evil only to be used for buying a house, if at all. LIC policies were synonymous with investment, not insurance.
The parents’ experience of the capital markets was different from that of the subsequent generations, and their approach was rooted in the need to conserve capital. So when the first few salary cheques come along and parents start dispensing financial advice, the adult child toes the line, especially because he has no financial knowledge or experience.Īt least, this is what happened to Gen X with their Baby Boomer parents. Parents are seen in a new light, where they can do no wrong and offer no bad advice. The rebellion is replaced by respect, and hatred with trust. When a rebellious, parent hating teenager steps into adulthood and starts earning, he undergoes a magical transformation.
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