Employees - Working Couples

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Working couples in the knowledge sectors are generally cash-rich and have high savings potential. This is more prominent amongst those couples who are yet to have children. Typically, working couples have an advantage of planning their tax effectively as the surplus and deficit at individual levels can be nullified by seeking financial support from the spouse. Working couples more often than not look for an appropriate savings product after meeting their tax planning requirements and Fixed Deposits are not the most beneficial amongst the available products. Participation in Systematic Investment Plans of mutual fund schemes is the preferred option amongst this segment as they generate higher returns in the long-term. However, these plans are not liquid in nature as they don’t provide the necessary cash support in case of contingencies. Hence, even working couples depend on expensive short-term financial products like credit cards and personal loans to face planned situations like heavy tax payments towards the end of the financial year.

Double Income No Kids (DINKs) are generally used to a fairly lavish lifestyle with ownership of a car and other electronic gadgets that are replaced at regular intervals to reflect their high earnings. The monthly cash outflow is very high because of Equated Monthly Installments (EMIs) across consumer durables, car, house, and other valuable assets sourced through borrowings. But when the kids come into the picture, they slow down on spending and this involves the household depending on a single income for some time when the lady is in the family way. It becomes all the more frustrating if the husband has to hop jobs while the lady is devoting full time attention for the toddlers. In order to retain their elite image in the society, the working couples send their children to expensive schools which involve heavy investment. Moreover, as they prepare themselves for recurring educational expenses of their children it puts strain on their cash flows. As the family expands, the belt needs to be tightened further making it difficult to transition from a cash-rich household to one that is often witnessing a cash crunch.

It is quite normal in such situations to latch up financial products such as personal loans and credit cards as they are most convenient by ignoring the associated costs than resorting to a long-term plan of saving and borrowing. Even gold loans are also availed by such households as it gives them an edge over others in terms of showcasing their wealth and also service it comfortably through a higher disposable income. Households with double income need to channelize the surplus funds effectively before the family grows and also sustain their lifestyle into the future. They need a larger house warranting a huge outflow for down payments and EMIs which makes it most stressful. It is relatively easy to invest for the long-term and also borrow for the long-term while it is a challenge to borrow and save for the short-term through traditional financial products. If this household saves regularly in order to meet a planned financial expenditure of raising kids it becomes less stressful financially. Group Funds are the most appropriate as they provide greater flexibility to save and borrow simultaneously and optimally.

 

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