The emerging needs of Personal Financial Planning for sustainable development of Indian households.

Abstract

Environmental, social, and economic sustainability are the three pillars of sustainable development (Epstein, 2018). Sound financial planning is critical for a financially resilient future of Indian households. The personal financial planning process identifies both long-term and short-term financial goals and objectives of individuals and creates strategies for achieving them. With the help of existing literature, the study will comprehend the significance of personal financial planning for a sustainable future. The study highlights how financial planning allows individuals to gain maximum from their income and thus improve their standard of living. Additionally, it helps us to understand that planned finances help, individuals to fulfill their needs at different stages of their lives, like owning a car or a house, retirement, and estate planning. When personal funds are well managed, it promotes sustainable development and raises a person's standard of living. The study also discusses how financial planning is helping Indian households to overcome a hard time of the covid pandemic.