Financial Decisions for Young Indians: 64 per cent of young Indians are unsure of what to trust when it comes to investing in financial instruments. This was revealed in a study conducted by Dinero.
The nationwide study was aimed at understanding some of the major challenges that the young Indians face while trying to save money and set their monetary goals for themselves.
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One must note that the analysis based on responses provided by 500 participants indicated that 51 per cent of them set aside a specific amount every month from their earnings. However, due to the absence of definite knowledge, complicated jargons, and overload of information they lack the trust to make a decision.
The results further revealed that 33 per cent of respondents tend to save whatever amount they can without a set plan. It is also noted that 40 per cent of people who save do it for an upcoming expenditure event that is short-term.
It is interesting to note that 59 per cent of the respondents said they would prefer sticking to mutual funds as an investment option rather than opting for cryptocurrencies. The results also said that irrespective of the growing digital adoption, the young Indians are habituated to seeking advice, guidance, and require the human touch when it comes to investing.
Among those who set aside a portion for savings, 45 per cent 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 further indicated that 35 per cent find it difficult to find a financial instrument that is trustable with low-risk opportunities.
Kashyap Mahavadi, Founder and CEO, Dinero, said in this context, “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.”
The results further strengthen the continued apprehensions of young professionals seeking a way to attain control over their finances and make better financial decisions a resolution they aim to stick to within 2022.
It must be noted that Dinero is India’s first habit-building neobank that aims to help young professionals build stellar financial habits.