The survey report said that this is the first time that people are opting for mutual funds rather than investing in savings account or fixed deposit.It is known from the survey that in terms of investment , Indians consider mutual funds as the number 1 choice over fixed deposits . Mutual funds have become the number 1 financial investment medium in the country this year. Mutual Funds: Indians Say Mutual Funds Are Better Than FDs: Here’s Why
This is the first time that people are opting for mutual funds rather than investing in savings accounts or fixed deposits, according to a survey report by digital wealth management company ‘Scripbox’. The company surveyed 620 people across the country.
People tend to think of investment as profitable rather than saving. Financial Express reports that it is not only about finances, but also about self-worth .Majority of survey respondents said that more investments have played an important role in building confidence about the future and improving well-being. Most of the youths are advised that it is better to start investing at a young age.
There is a difference between saving and investing. Saving is a good step at first, but when combined with investing, wealth will improve. Just saving it is saving. If it is not invested, it will not help in curbing inflation, said Atul Shinghal, founder and CEO of ‘Scripbox’.
Every year on World Savings Day (World Savings Day) we continue to spread awareness about the importance of investing. By investing, people can make their money work as hard as they do. It has paid off in the last few years. People’s interest in investment has increased, he said.
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Highlights of the Survey Report:
• While 57 percent of survey respondents consider themselves savers, 43 percent said they have become more active investors.
• 60 percent said they have shifted their focus from savings to investments due to inflation, recession, pandemic and macroeconomic factors.
• 27 percent said they had reduced their spending in the past year. 50 percent said they are saving 10 to 30 percent of their income.
• 23 percent said they have been actively involved in investing since last year. 20 percent of people were investing before that and said that they have increased it further.
• Compared to last year, men are more likely to plan for retirement (42 percent) than children’s education (28 percent) when investing this year.
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