Needed: Money lessons for our jawans

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Today marks 22 years of ‘Operation Vijay’, that was successfully carried out by Indian Army to recapture infiltration by Pakistani troops in Kargil. Today, they need one more frontier to win — the path to financial freedom. While financial literacy is needed around the country, it holds immense significance for defence officers whose lives are constantly at risk. Those who are protecting us need to protect their families too.

Defence officers invest in DSOP (Defence Services Officers Provident Fund) as a monthly contribution from their salary. Some of them park money in fixed deposits with public sector banks. But very few invest in mutual funds and stocks that offer inflation-beating returns.

Problems are aplenty. Frequent transfers are an obstacle to nurturing relationships with banks or insurance and mutual fund advisors. Remote locations often lack internet connectivity making them insecure about the stock market.

But before anything, they lack financial awareness. They don’t want to be seen as money-minded and often feel insecure discussing money with peers too. For them, country comes first. Money is a much distant priority. At the organisational level, a change in mindset could do a lot of good. Defence officers need institutional support to get started with financial planning. Financial awareness is needed not just at the cadet level, but also in the top echelons. Seniors must hand-hold juniors who must be encouraged to start early.

 Change is coming. But only gradually. There are retired brigadiers and colonels who are specifically managing money for defence officers. It is something that they have done voluntarily. To educate the lower ranks on financial planning, seniors can organise and conduct seminars. All it takes is correct guidance. Jawans and officers need not conduct vigil in the stock markets, there are Sebi-registered financial advisors who can guide them about it. Financial education is the first step towards financial freedom. On Kargil Vijay Diwas, let’s take a pledge to ensure it for our jawans.