A Assocham study of 2011 revealed that almost 35 percent of the urban youth spend up to 5,000 per month only on clothing and 3,000 on cosmetics. Interestingly 60 percent of them felt their closets were full of clothes they don't wear.

The gen-Y thinks ‘what is the need to pay for the financial advice to bank executives and insurance agents, when he/she can get it free from their family and friends.’

But an expert always suggests that a little professional advice helps an investor from a lot of suffering. Questions like whether to buy a costly insurance plan or Mutual fund can be best answered by a professional financial advisor rather than family.