🚗 When Financial Literacy Fails — A Ride That Shook Me
Many times, being a financially literate person puts you in an uncomfortable position.
You realize that, despite your knowledge, you haven’t been able to spread it widely enough to truly make a difference.
That feeling hit me hard yesterday — in an Uber.
The driver greeted me warmly:
“Good afternoon, Sir. Please be seated.”
Polite, well-spoken, educated — and soon, I discovered, an MBA and mid-level executive on sabbatical from a reputed company.
Curiosity led to conversation. The story that followed left me shaken.Sometimes life gives a spin which you struggle to believe to be real.
Four months ago, he was living comfortably in Bengaluru. Then tragedy struck.
A call from his father in Indore — his grandfather had passed away. He rushed home. After the rituals, he returned to work.
The very next morning came another call — his parents, uncle, and sister had met with a severe accident en route to Haridwar.
His uncle and sister died on the spot. His parents fought for life for 48 days in the ICU before passing away. His grandmother soon followed, unable to bear the shock.He had no close relative or a family to fall back on.
He spent about ₹45 lakh — all his savings and his father’s — on treatment.
When I asked about health insurance, he said he had company cover of ₹10 lakh for himself.
His parents had none.
His father had a small life insurance policy — the claim was barely ₹3 lakh.
He broke down, mentally and financially. Asked for and was given a sabbatical by his company.
Unable to face familiar faces in Bengaluru or Indore, he came to Mumbai, hired an Uber under a fleet program, and now drives day and night to survive — sleeping in the car or on the roadside.
What failed him? Circumstances? Destiny?
No. It was a failure of financial literacy.
No one told him that:
· Health insurance isn’t optional — it’s essential for every family member.
· Emergency funds matter more than luxury EMIs.
· Life insurance isn’t about returns — it’s about protection.
· Financial planning is not for the wealthy; it’s for those who can’t afford financial ruin.
As finance professionals, we often talk in numbers — CAGR, IRR, NAVs.
But behind every number is a life that can change overnight.
Let’s remember — financial literacy is not about wealth creation alone.
It’s about financial survival, dignity, and resilience when life turns cruel.
💡 Financial planning is not a privilege — it’s protection.
And spreading that awareness is not a profession — it’s a responsibility.
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Excellent article. This is where Life Insurance Marketing officials have let down the Society. Always selling Life Insurance policy as an Investment product. Failing to identify the insurance need of the Customer. Even today, the emphasis is on Amount of premium collected. Even the regulator does not publish figures like Total risk coverage provided. It is high time the Industry wakes up to the need of the Society.
ReplyDeleteTrue sir.It is a marketing issue.
Delete