Institute For The Future

Dhar, Personal risk mangement, Kolkata, India, 01/08/08

Family Background

Shikha is a MBA. She is 37 years old and her husband is a year older than her. She lives in Kolkata with her husband Rohit and daughter Rosheen, in Kolkata for last one year. They  moved to Kolkata from Lucknow. They are originally from Mumbai where they used to live before living in Lucknow. Her husband works for Big FM in Kolkata as the head of the eastern region. He used to work for Radio Mirchi in Lucknow and Mumbai.  Her husband is also a MBA. They have a 9 year old daughter. Shikha quit her job to take care of their daughter. She is quite focused on teaching her daughter and managing the financial affairs of the family.

Domain Specific Questions

Shikha is already preparing for retirement Her husband is 38 years old, and she says they have only 20 more years to be ready to retire and have a good lifestyle in the their old age. To create a retirement nest for themselves, Shikha is investing in property. The family owns a house at Mumbai, another (under construction, near completion) in Kolkata. Shikha is looking to buy a retirement home near Coimbatore in South India.

With all her expertise as an MBA, she is now managing her family as a home-maker. She quit her job in 2006 and for last three years is enjoying her role as a home-maker with primary focus on two aspects: first, education and upbringing of her only daughter, second, financial management of the household.  As a well-to-do family, Shikha’s everyday needs are well-supported by a host of service providers. However, she may consider taking up job once again as her daughter reaches teen age.

She loves to stay well informed about financial matters and take crucial investment decisions. She uses the Internet, especially websites like 99 acres to research options for investing in property. She prefers to invest in property than gold or shares. To her, house or landed property appears to be the best and the least risky root for investment. She attended a one week course that is offered by sharekhan to understand the share market, but she finds investing in shares confusing. Although her husband has been investing in shares. She also watches financial news and reads business newspapers to understand the financial markets.

She remains well-disciplined financially, maintains a log book of monthly family income and expenditure to avoid any financial turbulence. All her family members have been asking her tips on how to maintain a financial ledger. She has photocopied her ledger and sent to family members. She prefers net banking over the conventional physical branch-centric banking practices.. To further de-risk her future and get rid of any financial uncertainties, her family members also remain covered under various types of insurance policies. She has very clear and well defined financial plans for her near as well as distant future.

Technology

Shikha prefers mobile phone (at more personal or private sphere than internet) to keep in touch with her family members who are spread at different locations across India and abroad, internet and email for friends and other information requirements. She is not a member of any on line community group. Nevertheless, she remains in touch with many of her earlier friends through Facebook.

As a patriot and a responsible citizen, she longs for better educated politicians and more sincere, stronger, corruption-free political leadership.

She uses a host of technological communication gadgets as desktop PC, laptop, mobile phone, TV, radio, ipod etc. On TV, she prefers knowledge channels and different news and business channels. She is an avid reader of different newspapers, magazines and an intense media consumer.

Trends

Investment in property is still seen as a secure

Young people are using the Internet to make financial decisions

Young Indians feel nationalistic, and want better governance