I just chanced upon in LinkedIn, a survey based study by a Netherlands based online payment company PayU.
The study just published by them was focusing more on access to financial services on the feeling of being prosperous.
The study covered a few select countries across the globe.
The study found the most popular factors defining prosperity across the markets as:
• Being happy with your life
• Good health for friends and family
• Having a good, stable job
• Having enough savings for the future
No surprises here.
But coming back to the focus of the study ‘the role of access to financial services to the feeling of being prosperous’, we can see a concern on the financial services per se.
Sophisticated financial services and products could ensure ones’ financial prosperity’ by consistently growing the money.
But often we see unscrupulous practices and greed are eroding confidence in such complicated algorithm based products.
With the result the common man turns to the most traditional and simple form of financial services ‘the bank account’.
And what if the banks could go under with inept and unscrupulous management and fraudulent bankers colluding with real life fraudsters in siphoning of savings money!
Nobody then can be content with a feeling of prosperity.
I had to take a branch manager to some task when she tried to answer my query as to why the non performing assets of the bank was as high as 6% with the explanation that it was due to adjustment of some taxes.
While a more aggressive bank limits the NPA to under 1.5%, another bank found its book value gone by 70% when the management colluded with fraudsters to cheat investors.
Eroding of the most sacred word in banking- trust!
Keep the money under the pillow, or what!!