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54% of people choose mutual funds as preferred financial investment option, shows survey


Mutual funds and fixed deposits remain the top choices among the majority of people for financial investments, with 54% and 53% respectively favoring those options, according to the BankBazaar survey.

However, the most popular financial product overall is the low savings bank account, which is chosen by 77% of respondents, although it is not considered an investment route.

In terms of gender split, men are more inclined towards savings bank accounts, with 79% choosing this option compared to 76% of women.

However, the number of women investing in mutual funds has fallen this year, with only 50% taking part, compared to 56% of men. This represents a significant change from the 2022 statistics.

According to the survey, geopolitical tensions and high inflation have affected the global landscape in the last two years, resulting in reduced or stagnant savings for most people in India during 2023.

The Northern region had the most significant fall in savings at 44%, while the West recorded the highest percentage of stagnant savings at 25%.

Additionally, cryptocurrency has lost its appeal due to revised laws imposing a 30% tax, leading people to opt for more traditional investments such as fixed deposits, stocks and mutual funds.

An alarming trend this year is the decline in retirement planning, with only 38% of people saving for retirement, which represents a 7% decrease from the previous year.

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Data shows that serious retirement savings typically begin in the late 20s-early 30s.

In addition, this year’s data serves as a reminder of the inadequate insurance coverage in India, with 6% of respondents without any insurance and only 16% having health insurance, says a survey.

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Updated: 21 November 2023, 04:19 PM IST

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