What Is the Scope and Importance of Financial Planning in India?

What Is Financial Planning?

What Is the Scope of Financial Planning in India?

What Are the Objectives of Financial Planning in India?

What Is the Importance of Financial Planning in India?

What Steps Are Covered in the Financial Planning Process?

FAQs on Financial Planning

What is the importance of a financial report produced by a planner? up-arrow

This report helps track cash inflow and outflow, allowing you to set more realistic goals. Also, as this document reflects your current financial standpoint, you can spot specific areas where there is a possibility of cutting down expenses. 

 

How does financial planning change a person’s money mindset? up-arrow

A well-managed financial plan makes you disciplined towards money. As you have a clear-cut monthly budget, you save the projected sum beforehand and refrain from overspending.

Why is financial planning necessary to fulfil long-term goals like a child's education? up-arrow

Long-term obligations like saving sufficient funds for a child’s education require full-proof planning as many intermediary economic factors vary depending on the overall market scene. So to save adequate funds tackling the market risks, you would need financial planning services.

What are the four factors that influence financial planning? up-arrow

Factors that influence financial planning include awareness of different wealth building models, social welfare interests, financial inclusion, and mastering personal finance.