‘ ₹15 LPA salary, ₹10 lakh car’: Data scientist calls out middle class for financial choices

A LinkedIn post by data scientist Monish Gosar calls out the middle class for consciously embracing debt and instant gratification.

In a post that’s resonating across professional networks, data scientist Monish Gosar has sparked widespread conversation by challenging the commonly held belief that the middle class is a victim of the financial system. Instead, he argues, they are “willing participants”.

He points out that this very mindset is what keeps banks in business. (Pexel)

Gosar opens his viral LinkedIn post with a bold claim: “Unpopular opinion: The middle class is not a victim of the system. They’re willing participants.” Drawing on a personal anecdote, he describes a friend earning ₹15 lakh annually who opted for a ₹10 lakh new car over a more affordable ₹3 lakh used vehicle. “I deserve it,” the friend had said, “I work hard.”

But Gosar points out this very mindset is what keeps banks in business. “And that’s exactly what banks want us to think,” he writes.

Backing his opinion with data, Gosar states that credit card debt in India has nearly doubled in four years, hitting ₹2.92 lakh crore. Personal loans, he notes, have grown by 75%. Despite these staggering numbers, he insists no one forced individuals to take on this debt. “We did it willingly.”

He further argues that the confusion between wants and needs fuels financial irresponsibility: “‘I need this car for office.’ No, you wanted the social status. The AC, leather seats, and brand logo were wants, not needs.”

Gosar also blames social media for distorting financial goals, claiming platforms like Instagram have made high earners feel poor. “We started competing with people we don’t even know,” he writes, illustrating how comparison culture contributes to emotional and irrational spending.

“36% credit card interest vs 12% mutual fund returns. We chose to pay banks instead of earning from markets," he added.

He sums it up starkly: “The system didn’t trap us. We trapped ourselves. Banks simply offered us the rope. We chose to tie the knots.”

Take a look at the post:

While Gosar acknowledges that the system could be improved and that financial education is lacking, he ultimately places responsibility on individuals. “The moment we accept this responsibility, we can start making different choices,” he concludes.

Many took to the comments section to respond. A user wrote, “Reasons why this generation is crying on stuff cuz they buy stuff to please people than actually owning it for themselves.”

Another added, “Absolutely valid points in this post — personal responsibility in financial choices is real, and many of us have fallen into the “I deserve it” trap. But there’s another side to consider, especially for those living in tier 1 cities.”