Indians are investing more than ever, and also smarter then ever. The share of urban Indians spreading their money across both physical and financial assets jumped from 35% in 2022 to 45% in the latest YouGov-Mint-CPR Millennial Survey, conducted earlier this year. This shows investors are diversifying into both traditional safe havens such as real estate and jewellery, and market-linked instruments such as stocks.
With this, the pool of people sitting on the sidelines is shrinking. Non-investors are a declining tribe across nearly every demographic group—though not equally. Women are still significantly underrepresented: nearly 28% don’t invest at all, compared to 19% of men. And that gap carries real consequences. Women are also the least likely to feel financially prepared for a crisis—particularly the death of an earning family member, with only two in five saying they would be ready.
Investing gaps
The share of non-investors has fallen steadily, from nearly 33% in 2019 (before the pandemic-era boom in retail investing) to 27% in 2022, and 23% in the latest round. Excluding those who are not currently in a job, the share of non-investors is now just 13%, down from 26% in 2019.
All income groups have shown an improvement, but lower-income individuals still lag: among those earning less than ₹30,000 a month, 23% are non-investors. The figure is in single digits for those earning over ₹50,000 a month. Tier-3 cities remain an untapped market, with 29% non-investors, though the figure slipped below 30% for the first time.
These are the findings of the 13th round of a survey that Mint conducts online in association with survey partner YouGov India and Delhi-based think tank Centre for Policy Research. It took place in March-April 2026, covering 10,022 adults across 207 towns and cities. Around 53% were Gen Z (born during 1997-2008), and 34% were millennials (born during 1981-1996).
The survey asked similar questions on investment behaviour in round 3 (September 2019), round 7 (December 2021) and round 9 (December 2022). Many respondents in each survey could be different, so the trends over time should only be seen as indicative. Only distinct trends, which match anecdotal and market data-backed evidence, are being reported here.
The gender divide is sharpest in tier-3 cities, where 21% of employed women don’t invest, against 16% of men. The gap narrows in bigger cities, suggesting urban exposure and access may be helping bring more women into investing. Gen Z has the widest split, with 17% of employed women not investing, compared to 13% of men. But among millennials, the gap tightens (12% vs. 10%), suggesting younger men may be starting their investing journeys earlier than women.
Little appetite for bonds
While investment patterns for traditional instruments such as bank deposits and pension schemes haven't moved much, let’s look specifically at stocks, bonds, gold, and real estate. Almost 28% said they had invested in stocks, a sharp rise from 21% in 2022. Those investing in gold in any form (including ETFs) rose from 18% to 28%, while real estate saw slower growth from 15% to 19%. Bonds are still not a preferred investment avenue, attracting only 13% of respondents, though up from 9% earlier.
In previous rounds, the share of those investing in gold-related instruments lagged well behind stocks, but the gap has narrowed, suggesting that despite the rise of market-linked investing, Indian households are again looking at gold as a safe-haven, likely after the market volatility seen since 2024.
Another part of the same survey, which focused on wedding expenses, revealed that the significance of gold and silver in weddings is waning slightly (see Part 3). Among those who still find it valuable, its appeal is driven more by its appreciating investment value than by traditional importance.
When a crisis hits
The survey asked participants how prepared they felt for sudden financial crises, presenting three scenarios: costly medical emergencies, sudden job loss, and the death of an earning family member. While a large majority felt somewhat or fully prepared for the first two situations—64% and 57%, respectively—there was greater concern regarding the death of an earning member, for which only 46% felt prepared.
Income acts as a safety net: over 80% of those earning above ₹1 lakh a month felt ready for a medical emergency, versus 59% of those earning below ₹30,000. Women were less confident in all situations, with just 42% feeling prepared for the death of an earning member, compared to 51% of men.
The reasons aren't hard to figure out. Many women remain financially dependent on an earning male family member, which is reflected in India's persistently high female unemployment rates, particularly in urban areas. Add to that the fact that fewer women invest, and the picture becomes clearer: for a large share of women, there is no secondary safety net. If they aren't earning, there's often nothing to fall back on.
(This is the fourth part of a series about the findings of the 13th round of the survey. The first part covered parenting trends, the second part was about changing family dynamics, and the third part was about the wedding economy. Each round of the survey throws light on various aspects of the beliefs, choices and anxieties of India’s young urban population. Note that these surveys are skewed towards urban, well-to-do netizens, with 90% of respondents falling under the top category (“A”) of the socio-economic classification (ISEC) used in market research. The full raw data of the survey is now available for public use. Full methodology note here.)