According to a report in Economic Times, With the world turning modern and digital, we have moved the traditional obsolete ways of dealing with financial transactions. So, don’t be surprised if your parents find this sudden urge to know about Google pay or Phonepay. It’s time to exchange roles. So put on your teaching coats and empower your parents to deep dive into the digital world with caution. The following four aspects of the digital financial world will make life simpler and come in handy to them; be it in a market or a bank or any emergency. Let’s look into each, one by one.
Net Banking
When was the last time you stood in a queue at the bank? Don’t remember right? But your parents might still be doing this to deposit/withdraw cash or get their passbooks updated; but not anymore. The first thing to teach them is net banking. There are high chances that they can be awkward around doing transactions online, but you must educate them about the safety and ease of transaction. You can seam across various features available and explain what each word entails like OTP, password, secret PIN, etc. A single tap can be marvellous and risky. So, prep them on all the aspects step by step, the report said.
Digital Payments
Digital payments have made every transaction faster and safer. Hence, you will find almost every vendor opts for digital payments, especially in the current times. So, teach your parents about various digital payment products like GPay, PayTM, PhonePe, etc. Show them a demo and explain how it works. Once you do so, they’ll switch to them in no time. After all, who wants to carry the cash around in the market.
Avoid Online Fraud
Even though digitization and advanced use of apps and website have made it more convenient and easier, it has also led to increased cybercrimes. And our parents may have heard such news or stories where elderly people have been duped by conmen for embezzlement of money. But it is our responsibility to tell them how these things happen and what are some simple dos and don’ts for them to avoid such misfortunes. For example, reading through the messages received from banks and identifying certain texts and symbols. Not trusting random phone calls asking for OTPs or other bank credentials. Advise them to not click on any links sent through SMS or Whatsapp. And most importantly not fall for calls or messages claiming to send them money on doing any of the above, the report said.
New Investment Options
Our parents have been fixated with Fixed Deposits for ages and only ever experimented with Gold and Real Estate, if at all. Even though these are time-tested methods of investing and building assets, the new world has brought in newer products that can give better returns. With digitization, it is now much easier to invest in financial instruments such as mutual funds, bonds, government schemes, etc. and even withdraw from it as per their convenience. Introduce them to these new-age products that offer ease of use, access, and better returns.
Our parents are reluctant to go digital because they are unaware and fearful to tread the new path. But weren’t we the same as a kid? Had they not taught us how to walk or ride the bicycle, we would have never learned it. They not only taught us but had our backs every time we fell. Now it is our turn to empower them to be more confident and informed about the latest tools and facilities that are here to make all of our lives convenient and hassle-free. All they need is a little bit of time, patience, and persistence from us to help them speed up to the ways of this new world. Trust me, this will truly be the most beneficial gift and the most beautiful way to thank them for the time and patience they have invested in us, the report said.
Authored By
Ashish Modani, Founder, SLA Financial Solutions
