One of the key learnings that the founding team of Happyness Factory brought in from their 13 years of helping families plan their finances is: goals of a family are best achieved when everyone’s on it together. Accordingly, the “family” feature was conceived as the first and only one in the country that allows members of a family to co-invest for common goals.
Take for instance, a goal like higher education costing Rs 40 lakhs today. An investor who wishes to build a corpus for her son’s higher education in 10 years would have to aim for Rs 86 lakhs, assuming inflation at 8%. This requires a monthly investment of approximately Rs 33,000 in equity funds. If the wife opts to allocate Rs 15,000, the husband can put in the remaining Rs 18,000 required for meeting the goal.
Moreover, once investments are in place, each member of the family can track progress toward the goal and view how their individual contributions are helping to reach the goal.
Children too can join their parents to contribute to goals like their higher education and marriage. Children above the age of 18 can be added to the primary contributor’s “family”. Up to 4 persons can invest for shared goals.
Without this feature, the common practice was for spouses to split goals and invest separately for those. So, the wife may invest for the kids’ education while the husband focuses on building a corpus for their house, retirement, etc.
No wonder then that the feature has been well appreciated by users and the results that followed have been phenomenal. In the words of Milin Shah, Head of Product Development and Planning at Happyness Factory, “This is not just because financial objectives are met in 100% of cases but also because of the emotional connect it brings as people identify and agree on goals as a family. This approach works well in the Indian context because family values run deep in our society.”
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