Most Indians believe monthly EMIs (equated monthly instalments) are the reason they struggle to save. But Abhishek Kumar, Sebi-registered investment adviser and founder of Sahaj Money, says
Walia, in a recent LinkedIn post, called out FOMO (fear of missing out) as the silent driver of poor financial decisions among Indians. “Most people think EMIs are what keep them broke. But the truth is – it’s not your EMI that’s the problem. It’s your FOMO,” he wrote.
Walia pointed out that many purchases today aren’t driven by need, but pressure — social pressure. From high-end phones to pricey cars, decisions often come from comparison, not common sense.
“You don’t buy that iPhone because you need it. You buy it because everyone around you already did,” he noted.
“You don’t upgrade your car because yours broke down. You do it because your colleague just bought a new one.”
As consumer culture grows, so does lifestyle spending. Easy loans, flashy social media feeds, and instant gratification have made buying look normal — even when budgets say otherwise.
Walia stressed that EMIs aren’t always bad. When used wisely, they can support growth. The problem starts when loans are taken just to look good or feel included.
“That’s not financial growth – that’s comparison disguised as ambition,” he wrote.
He added that loans for education, business, or assets can build value over time. “If an EMI helps you buy an asset, build skills, or grow your income — it’s a tool. If it’s just to ‘keep up,’ it’s a trap.”
India’s retail lending market grew sharply in the past two years, particularly in personal loans and consumer durable loans. Many were taken for lifestyle upgrades rather than essentials.
But Walia said the bigger cost is psychological — people spend on things that won’t matter later.
“You can’t save yourself from debt until you save yourself from FOMO. Because FOMO makes you spend today — on things your future self won’t even remember owning,” he concluded.