64% young Indians hesitant to invest due to information overload: survey
- About 59% of respondents said they would prefer sticking to mutual funds as an investment option rather than opting for cryptocurrencies. Irrespective of growing digital adoption, young professionals continue tossed advice, guidance, and require human touch when it comes to investing
NEW DELHI: About 64% of young Indians are unsure of what to trust when it comes to investing in financial instruments, as per a study conducted by Dinero – India’s first habit-building neobank.
The analysis, based on responses from 500 participants, indicated that 51% of them set aside a specific amount every month from their earnings, but given the lack of definite knowledge, jargons, and overload of information, decision making remains difficult.
The nationwide study was aimed at understanding some of the major challenges faced by the youwhen trying to save money, understand personal finances, and set monetary goals for themselves. The results revealed that 33% of respondents tend to save whatever amount they can without a set plan. It is also noted that 40% of people who save do it for an upcoming expenditure event that is short-term.
Among those who set aside a portion for savings, 45% of respondents said they were unable to keep a track of their expenses made through the many UPI apps and mostly rely on their bank statements to do so. The study indicated that 35% find it difficult to find a financial instrument that is trustable with low-risk opportunities.
Interestingly, however, 59% of respondents said they would prefer sticking to mutual funds as an investment option rather than opting for cryptocurrencies. Also, irrespective of growing digital adoption, young professionals continue tossed advice, guidance, and require human touch when it comes to investing, as per the study.
The results highlight the apprehensions of young professionals seeking a way to attain control over their finances and make better financial decisions.
Dinero Founder and CEO, Kashyap Mahavadi, said, “At Dinero, we are at the forefront of helping young professionals make better investment and saving habits. We conducted this survey with the aim to understand the pain points of young Indians and bridge the gap between savings and investments. We want to be able to help them or be their sensei providing the right platform to achieve financial stability and freedom to make better financial decisions.”
Dinero has partnered with 5Paisa to offer state-of-the-art order execution capabilities with a specific focus on passive funds (ETFs) for users on the platform. In addition, users on Dinero's platform will be able to open new Demat accounts with 5Paisa to conduct transactions and link their current 5Paisa account to Dinero's platform.
It acts like a facilitator, helping young professionals achieve financial independence, acquired by building healthy financial habits and developing awareness about financial products.
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Business NewsMoneyPersonal Finance64% young Indians hesitant to invest due to information overload: survey
First Published:12 Jan 2022, 11:58 AM IST
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