Money Matters: Round-up of top stories this week
A look at some of the top personal finance stories of the week gone by
In modern times, financial worry is one of the most common stressors that most of the population deals with. Financial distress is not a new thing and it existed even before the coronavirus pandemic. The economic difficulties amplified due to Covid-19 means that now more people are facing financial struggles and hardship.
On Money Matters, we bring top personal finance stories that will directly impact your wallet. Be it stories related to employment, escalating debt, dealing with unexpected expenses, insurance, market updates, etc., we have covered it all for you. It is a unique show that focuses solely on the stories across India that will give you a better perspective on day-to-day finances as well as update you with recent investment and financial developments happening in the country.
Here’s a look at some of the top personal finance stories
Growth, employment generation, asset creation, increased valuation in equity markets are some of the reasons why a common man should rejoice at the news of foreign exchange reserves reaching record highs in India.
Even as Covid-19 wreaks havoc across the country, foreign exchange reserves have risen at a furious pace rising to record levels surpassing $600 billion touching $604 billion on June 4. Mainly helped by a surge in the flow of dollars from foreign investors to take advantage of a fast-rising equity market, the torrent was also assisted by a rise in foreign direct investment even in these trying times.
2. Life insurers may soon ask for your Covid-19 vaccination certificate
With many young people succumbing to Covid-19, life insurers have started making changes in their underwriting policies. Insurers such as Tata AIA and Max Life have started demanding for Covid vaccination certificate before selling term insurance policies. According to experts, very soon all life insurers will start asking for vaccination certificates.
3. Should you opt for ‘pay as your drive’ insurance policies?
The “Pay as you Drive” (PAYD) concept is already quite popular in the western world where premium rates are based not only on the model of the car, its age but also on the distance travelled and the driver’s experience. Today, due to Covid-19 when a large number of people prefer working from home, a motor insurance premium can pinch like an additional cost. With restricted mobility and people spending conservatively, a usage-based motor insurance policy can be one of the attractive ways to lower your premium.
4. Online personal loan up to Rs 25,000 grew 23 times in 3 years: Google-CIBIL study
Over the past few years, online transactions have been rising in the country and with the onset of the pandemic, online and digital financial transactions have emerged as the king.
Like other transactions, applications for loans are also made online. Within minutes of applications, loans worth lakhs of rupees are credited to customer accounts.
5. UPI transactions decline in second Covid-19 wave
Despite more and more people resorting to digital payments to avoid physical contacts during the pandemic, there was a decline in the UPI (Unified Payments Interface) transactions in the country in April and May compared to the previous months, the time window when the second savage wave of infection reached its heights deeply impacting consumer sentiments and restricting expenditure.
6. Five ways to generate passive income after retirement
After a lifetime of working hard, most people hope to enjoy some time in their retirement “golden years” to travel and have time to enjoy life. It is therefore advisable to invest your retirement benefits in avenues that offer you assured as well as the highest returns so that you do not compromise on living standards even after retirement.
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