“The decisions taken in early 20s often lay the basis of an individual’s financial planning and its benefits throughout their lifetime,” says Ajay Shah, director and head- retail, Care Health Insurance. “Effective early management of finances enables one to explore and experiment for future financial security and stability,” he adds.

Savings and investments often do not top the list of priorities for early career working individuals, who have just started “adult-ing” and are taking primary steps towards first managing their income. It is natural that they struggle spending money wisely initially, while not giving much thought to future financial emergencies as they live their day-to-day life. Depending on the caste and class privilege of an individual, the situations differ for many.