Not Fixed Deposit, most Indians now consider mutual funds as their No.1 choice for investing and saving, according to a survey.
“This year, Mutual Funds have emerged as the #1 financial investment instrument in the country. This preference for investing in mutual funds over putting away excess money in savings accounts or fixed deposits, has been observed for the first time, since the initiation of this survey,” says an all-India survey of over 620 adults by Scripbox.
According to the survey, investing is now being considered a more rewarding action than saving, not just financially, but also in terms of overall self-worth.
There is an overwhelming consensus on the benefits of taking control of one’s finances. Investing more has acted as a catalyst in building confidence about the future and brought about an improvement in general well-being, respondents said in the survey.
When asked about their advice to their younger self, most respondents said it would be to start investing early.
“Saving and investing, while often used interchangeably, are very different. While saving is an important first step, the power of wealth is best felt when it is compounded by investing. Simply put, money saved but not invested would be unable to beat inflation let alone help meet long-term goals,” says Atul Shinghal, Founder and CEO of Scripbox.
Read More at https://www.financialexpress.com/money/fixed-deposit-or-mutual-funds-what-is-the-no-1-investment-choice-for-indians-survey-reveals/2749580/