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By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

Govt assures swift UCC implementation

Mumbai: Maharashtra government unequivocally declared its commitment to implementing the Uniform Civil Code across the state, assuring the legislative assembly that a comprehensive legal framework is already in the advanced stages of formulation. Minister of State for Home Yogesh Kadam categorically stated on the floor of the House on Tuesday that the ruling Mahayuti administration is entirely positive about the swift introduction of the Uniform Civil Code to standardize personal laws. To...

Govt assures swift UCC implementation

Mumbai: Maharashtra government unequivocally declared its commitment to implementing the Uniform Civil Code across the state, assuring the legislative assembly that a comprehensive legal framework is already in the advanced stages of formulation. Minister of State for Home Yogesh Kadam categorically stated on the floor of the House on Tuesday that the ruling Mahayuti administration is entirely positive about the swift introduction of the Uniform Civil Code to standardize personal laws. To facilitate this monumental legislative transition, the state government has formally sanctioned the constitution of a dedicated expert committee, which is being spearheaded by a retired High Court judge. This committee has been entrusted with the critical responsibility of meticulously preparing the draft bill for the Uniform Civil Code, which the government intends to enact immediately upon the submission of the final report. Emphasising the overarching objectives of the proposed legislation, Kadam noted that the Uniform Civil Code would universally apply to every citizen irrespective of their religious affiliations and would explicitly incorporate a stringent ban on the controversial practice of polygamy. The minister drew direct parallels with the legislative measures recently adopted by states like Uttarakhand, underscoring that the impending law in Maharashtra would similarly entail severe penal consequences, potentially including imprisonment for up to seven years for violations related to polygamy and illegal divorce practices. He firmly maintained that the government’s approach is fundamentally secular, harboring no animosity toward any specific religion, but is rather driven by the constitutional imperative to extend equal rights, legal protection, and comprehensive justice to women from all communities. This definitive policy assurance from the government was catalysed by a highly volatile calling attention motion initiated by BJP legislator Devyani Farande, which thrust the deeply sensitive issues of triple talaq and polygamy into the center of the assembly’s monsoon session. Farande brought the ongoing plight of Muslim women to the immediate attention of the House, asserting that despite the central government’s strict legislative prohibition, the illegal practice of instant divorce continues to flourish unabated.

Financial Loneliness: The Silent Struggle of Young Earners

Many young professionals earn well, yet struggle financially because they lack trusted guidance and meaningful conversations about money.

In an era where financial information is available at the click of a button, many young professionals still struggle to discuss money openly. Despite earning salaries, investing through mobile applications, and purchasing financial products, a large number of young earners face an invisible problem known as financial loneliness.


Financial loneliness refers to the feeling of handling financial responsibilities, decisions, and concerns without guidance, support, or meaningful conversations. As a Chartered Accountant, I have observed that many young professionals possess income but lack trusted individuals with whom they can discuss money matters.


Consider the example of Bharath, a 30-year-old marketing professional working in a metropolitan city. He earns ₹85,000 per month and appears financially successful to his friends and colleagues. He owns a car, travels occasionally, and regularly shares his lifestyle on social media.


However, the reality is quite different.


Bharath has an education loan, a car loan, and outstanding credit card dues. He wishes to invest for retirement and purchase a house in the future, but he does not know where to begin. He feels uncomfortable discussing his financial problems with his parents because he does not want to worry them. He hesitates to ask friends because everyone appears financially successful.


As a result, Bharath takes investment decisions based on social media advice, invests in products he does not fully understand, and frequently compares his financial progress with others. Although his income is stable, he experiences financial stress and uncertainty.


This example is not unique. Thousands of young earners today face similar situations.


Root Causes

One major reason for financial loneliness is the absence of financial education. Schools and colleges rarely teach practical topics such as budgeting, taxation, insurance, retirement planning, or debt management. Young individuals begin earning without understanding how to manage their finances effectively.


Social media has further complicated the situation. Influencers often showcase luxurious lifestyles, quick investment returns, and instant wealth creation. Young professionals compare their real financial situations with carefully curated online images, leading to unrealistic expectations.


Another reason is the social stigma associated with discussing money. Conversations about salaries, debts, financial mistakes, or investment losses are often avoided. Consequently, many individuals carry financial burdens silently.


From a Chartered Accountant's perspective, financial discussions should become as normal as discussions about health or career. Seeking financial advice is not a sign of weakness; rather, it demonstrates financial responsibility.


Finding Solutions

If Bharath had consulted a qualified professional, he could have prepared a financial roadmap. He could allocate funds toward an emergency reserve, repay high-interest debt, purchase adequate insurance, and begin systematic investments according to his goals.


Families also have an important role. Parents should encourage open discussions regarding savings, expenses, and future planning. Employers can contribute through financial literacy sessions and employee wellness programmes.


Chartered Accountants can play a significant role beyond taxation and compliance. They can act as financial mentors by helping young earners understand budgeting, tax planning, debt management, and long-term wealth creation.


Young professionals should cultivate healthy financial habits such as maintaining a monthly budget, creating emergency funds, reviewing expenses regularly, and discussing major financial decisions with trusted individuals.


Financial success is not measured only by income. It depends on informed decisions, financial discipline, and access to reliable guidance.


Financial loneliness is an invisible challenge affecting many young earners. Breaking the silence surrounding money can reduce financial stress and help individuals make better decisions.


As professionals and as a society, we must encourage open financial conversations because nobody should have to manage their financial journey alone.


(The writer is a Chartered Accountant based in Thane. Views personal.)

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