International Journal For Multidisciplinary Research

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From Stability to Struggle: The Role of Small Financial Companies in Middle-Class Financial Decline

Author(s) Madhavi Kamble
Country India
Abstract The financial landscape of India has seen profound changes in recent years, with small financial companies emerging as key players. While initially celebrated for their role in providing access to credit and financial services to underserved populations, these institutions have increasingly contributed to the financial instability of the middle class. This study examines the mechanisms through which small financial companies have exacerbated financial challenges for middle-class families in India. Key factors include predatory lending practices, high interest rates, and inadequate regulatory oversight, which have collectively trapped many in a cycle of debt. Small financial companies often target middle-class individuals who may lack the financial literacy to navigate complex loan agreements, leading to severe economic consequences. The proliferation of microfinance institutions and non-banking financial companies (NBFCs) has also played a significant role in this dynamic. This paper explores the socioeconomic impact of these financial entities, shedding light on their contribution to the erosion of middle-class stability. Through a detailed analysis of case studies and financial data, the study underscores the need for comprehensive regulatory reforms and increased financial education to mitigate the adverse effects of these institutions. Addressing these challenges makes it possible to restore the financial health and stability of the middle class in India, ensuring a more equitable and sustainable economic future.
Field Sociology > Economics
Published In Volume 7, Issue 1, January-February 2025
Published On 2025-01-12
Cite This From Stability to Struggle: The Role of Small Financial Companies in Middle-Class Financial Decline - Madhavi Kamble - IJFMR Volume 7, Issue 1, January-February 2025. DOI 10.36948/ijfmr.2025.v07i01.34884
DOI https://doi.org/10.36948/ijfmr.2025.v07i01.34884
Short DOI https://doi.org/g82gvp
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