Millennials (born between 1981 and 1996) have long been viewed as an irresponsible bunch with little or no interest in financial planning or investing. Get ready to change this misconception as we give you some latest news doing the rounds!
A recent report by CAMS said that 54% of first time investors in mutual funds over the course of the past 5 years are millennials, which equates to 85 lakh millennial investors during the financial year 2019 to 2023. These investors had assets worth Rs. 96,000 crores, the report further said.
The report went on to say that millennials were going to play a big factor in mutual funds in India in the future. So, what role will this generation take on in shaping the industry and how are they investing? Learn more about this here!
The report by CAMS stated that most of the millennials investing in mutual funds are from urban settings aka the top 30 cities. What this data shows is that rural Indians are still majorly ignorant of investing in mutual funds and advantages of the same. That demographic has not yet been tapped into much. Hence, we urge millennials from small towns to invest with Money Assist, a leading mutual fund distributor in Kolkata. We can help you appreciate your capital quickly and achieve your financial goals.
Millennials are investing in SIPs and have added 1.54 crore SIPs in the past 5 years. Systematic Investment Plans are a great way to invest in mutual funds as they bring discipline to investing and are a more affordable and feasible investing option.
Equity is the scheme of choice among the various mutual funds in India for millennials. Investments to the tune of Rs. 65,000 were pumped into equity schemes by this demographic. Equity schemes may be high risk but they have greater potential to yield better returns which is why youngsters are choosing to invest in them.
The younger generation has been sucked into the world of mutual fund investments because of widespread awareness campaigns, simpler KYC and the presence of intermediaries. Agents like Money Assist are always there to assist the youth to start their investment journey.
Mutual funds in India need to woo these millennials into investing as the future lies in their hands. Giving them a superior experience and a seamless investment process will certainly keep this demographic interested in investing.
