New Delhi. Saved money but don’t know where to invest it? This is the problem plaguing young investors. This is what Dinero Neo Bank found in one of its surveys. More than half (64 per cent) of the 500 participants aged 19-30 said they did not know where to invest.
The main objective of the survey was to understand the thought process of the investors of this age group. It was to see how they set their financial objectives when they save money.
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Out of 500 participants, more than 51 per cent respondents said that they save and set aside money from monthly income, but are unable to act on their investment plans. This is because they lack the required knowledge. Complicated financial terms confuse or confuse them and they feel unable to make decisions.
Saving for short term expenses
The survey found that saving without a goal is another hindrance. More than a third of the respondents (33 percent) said they were not inclined to save any amount without having a clear goal in mind. However, 40 per cent of the savers said that they save for their short term expenses.
The lack of necessary knowledge is further compounded by not being able to find reliable financial assets that offer low-risk investment options. More than a third of the respondents, 35 per cent said that they had trouble finding a suitable asset.
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Cryptocurrency is not the first choice
When it comes to choice, cryptocurrencies lag behind mutual funds in popularity. Interestingly, 59 percent of the participants said that they would prefer to invest in mutual funds over trending cryptocurrencies. Almost half (45 per cent) admitted to using their bank statements as the primary way to track their spending, rather than tracking spending done using multiple UPI apps.
Digitalization has undoubtedly increased, but young investors still turn to someone in person when it comes to seeking advice or assistance in investing.
Tags: investment, Money Making Tips