Financial security is key to a happy retirement life. It gives you the necessary confidence from the knowledge that your finances have been taken care of to meet the needs of old age, involving budgeting, saving, and investing to ensure a steady income stream after you retire from work.

According to a Reserve Bank of India (RBI) survey in June 2023, India’s financial literacy score, measured based on financial knowledge, behaviour, and attitude, stood at 62.6 per cent. The study shows that financial literacy is key to financial security; more importantly, how wisely you use money will determine how close you are to achieving your financial goals for retirement.

So, as a new financial year for 2024-25 starts, it is time to set new goals, plan, and invest. Here are some ways you can boost your financial confidence for the future.

Learn About Financial Products And Services: 

Start by learning about different financial products, their risks and rewards, and which products you should opt for. These can include provident funds, fixed deposits, mutual funds, exchange-traded funds (ETFs), health and life insurance, and more. So, learn about them before picking the best ones for you.

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Learn About Financial Companies: 

In a technologically driven world, comparing financial companies and their services is easy. This step will allow you to pick the best company or product for your retirement planning. Financial products are often complex, so take the time to understand them. Seek expert help from financial planners if necessary.

Nowadays, banks, non-bank financial companies (NBFCs), insurers, and asset management companies (AMCs), among others, offer a variety of financial products for retirement, from mutual funds and ETFs to insurance. Learn about the services of these companies, products and their market presence to boost your confidence before you decide.

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Fill the Knowledge Gap: 

Stepping out of your comfort zone and asking questions about the products can sometimes be hard, but do so anyway, as there is no shortcut to achieving your goals. Learning and filling the knowledge gap is the key to financial success. Read, listen, and discuss a topic you don’t understand with your family, friends, or experts.

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Money management skills, financial knowledge, and behavioural aspects of addressing a financial challenge are unique to each individual. So, learning about the companies and their products and services will go a long way in selecting the right financial product and securing your financial future. Remember that when it comes to money management for retirement, it takes knowledge, skill, practice, and the right attitude to stay on course.