11 changes in Personal Finance Industry in last 10 yrs

Saving and investing money is managed in personal finance. This includes insurance, banking, mortgage, retirement, investment, estate planning, text and budgeting.

Personal finance is an industry that provides financial services to individuals or households. With the passage of time, some changes have taken place in personal finance also. Out of them, 11 changes in Personal Finance Industry in last 10 yrs are given in this article.

Personal finance provides advice related to financial and investment, so let us know what 11 changes in Personal Finance Industry in the last 10 yrs took place.

11 changes in Personal Finance Industry in the last 10 yrs

1.   Awareness of term plan

Term plan was launched in 2009 – 2010, but at that time people did not give importance to it. There was no mention of it even in TV and advertisements, but today, on the contrary, term plans have become quite popular in the last 10 years.

For advanced investors, term plans have become an essential option for their insurance needs. Now everyone understands that buying a term plan is a great option.

2.   Awareness about mutual funds

Around 2010, people were not particularly aware of mutual funds. Mutual funds were not so popular at that time. Mutual funds were not mentioned in any TV ad, although at that time technology was also a bit slow and there was no concept of online investing.

But after 2010, there was a big push in the popularity of this product. Many advisors and distributors have played an important role in spreading information about mutual funds to the people.

In today’s time people are fully aware of mutual funds. Mutual funds are a great investment plan among the people. Now it can be started online very easily through any website or app.

3.   Loan dependency increased

Compared to the last decade, it has now become more common to take loans to buy many things. People take home loan, consumer durable loan, car loan etc. because it has to be returned in installments, so everyone finds it easy.

For example, in today’s time you can easily finance your mobile from any financier and by paying minimum installment every month, you can complete the loan at a fixed time period which the public finds convenient, which was not possible in the past 10-12 years.

4.   Moving from physical assets to financial assets

Gradually people are moving from physical assets to financial assets. Earlier people used to prefer investing in real estate and gold, but now they have started investing more in equity mutual funds, stocks, FDs etc.

5.   Financial planning becoming famous

Around 2010, no one even knew about financial planning. Earlier people did not understand good returns. He felt that keeping money only in the bank was the safest. But today it has become common to hear people saying that they want to invest for their children’s education in the future or for their retirement.

6.   More choices available to invest

Last 10-12 years ago people did not have many products and services, but this is not the case today. People have a lot of choices to invest and what is more important is that people are aware these days.

In today’s time, personal finance has become more complex in comparison to the past because people lack understanding of what will be the best option for them. But yes, there are many more options available today than in earlier times.

7.   More spending on lifestyle

Till a decade ago, people were able to save about 50 to 60% of what they earned. One reason for this was that earlier there were not so many resources available, but in today’s time, people spend first and save later, because now there are options like food on delivery, online shopping, international vacations on EMI, due to which people focus on lifestyle and spending more.

8.   Online payment

We all know that earlier people mostly used cash but today people manage all their bank accounts online. For this, instead of visiting the bank, he uses net banking. Since most of the things are online, people are paying more attention towards investment.

9.   Introduction of Robo – advisory

Robo advisor is a digital platform that provides algorithm driven financial planning services. Through this you can get advice on planning related to investment.

10. Online frauds and scams have increased

In the last few years, online transactions like mobile payment, net banking, payment through debit card and credit card have become big. Due to which online fraud and scams have also increased.

11. Online wallets and cash back rewards

10 years ago there were no facilities like online shopping or online food, but today concepts like online wallet and cashback have come.

This is more harmful than helpful because it is just a marketing technique of companies that when a client buys something, they give him cashback or some points which he can spend on his next order.

This makes the customer reconnect with them and spend money even when there is no need.


In this article, know about 11 changes in Personal Finance Industry in the last 10 yrs and somewhere you all will definitely be affected by these changes.

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Q. 1 What are the five most important aspects of personal finance?

Ans. Income, spending, investment, protection and saving.

Q. 2 What are the three C’s of personal finance?

Ans. Character, capital and capacity.

Q. 3 Recent trends in financial services?

Ans. Recent trends in financial services is digital transformation.

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