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'Log Kya Kahenge': Comparison Accentuates Money Anxiety, Rs 70 LPA Salary Is..
'Log Kya Kahenge': Public Comparison Accentuates Money Anxiety, Brings Rs 70 LPA Salary Into Middle Class Bracket, Shares Edelweiss CEO Radhika Gupta
Radhika Gupta, CEO of Edelweiss Mutual Fund, has in a podcast said that the constant social pressure is building a narrative around middle class, that isn't even middle class.
New Delhi: The middle-class definition in India has been a topic of discussion for quite some time now. Due to increased earning possibilities and social media influence on living standards, the definition has become increasingly unclear. A recent podcast by Rahul Jain, where he explored the issue of whether an annual salary of Rs 70 is 'middle class' in India, raised the discussion once again.
Responding to the question, CEO of Edelweiss Mutual Fund Radhika Gupta said that in theory, an income of Rs 70 lakh counters the middle-class notion.
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Radhika said that all of us are above middle class and explained that having a salary of 70 lakh does not define a middle-class individual. “What we now like to call middle class is almost cool,” she told Jain. She said, “The reality is – none of us are middle class. The technical definition of middle class cannot be Rs 70 lakh of income. Rs 70 lakh is upper class.”
The Edelweiss CEO claims that numerous professionals in metropolitan cities in India are of the opinion that earning in seven figures is an underpayment. The continuous pressure from social media, high rent and increased standard of living leads more to the conclusion that salary is sufficient. High earners continue to identify as "middle class" due to their upbringing which Radhika views as an identity crisis.
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The Edelweiss CEO said that while all of us have a middle-class background but today most of us are not middle class anymore. “All of us come from middle-class roots. We have middle-class psychosis, middle-class thinking, grandparents who were middle or lower middle class,” she said. “We hold that word very dear to us. But let's be real, most of us are not middle class anymore,” Radhika said.
According to Radhika, the true middle-class earns between Rs 5–8 lakh annually and not Rs 70 lakh. She believes that it is “meaningless” to assign a single label to all 140 crore people in the country. She says around 10 crore people earn around Rs 10 lakh-Rs 12 lakh per year while more than 100 crore live under Rs 1.7 lakh.
Social media is making it harder to define what the middle class is. She said, “I spoke to a Gen Z kid. I asked why they're resistant to 60–70 hour work weeks. He said, ‘We have to go to the gym, maintain fitness, take vacations—because we're competing on social media.'”
According to Radhika, social media comparisons between users exacerbate money anxiety. “The conflict between saving and spending always existed. But today, it's exaggerated,” she says.
The Edelweiss CEO says that Rs 70 lakh is a high income on paper. However, this amount of money "never feels like enough” in the minds of the general public.
Source: ZeeNews
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