An empirical study conducted by Dinero – India’s first habit-building neobank has revealed that 64% of Young Indians are unsure of what to trust when it comes to investing in financial instruments. The analysis based on responses provided by 500 participants indicated that 51% of them set aside a specific amount every month from their earnings, however, due to the absence of definite knowledge, complicated jargon, and overload of information they lack the trust to make a decision.
The nationwide study was aimed at understanding some of the major challenges Young Indians face when trying to save money, understand their finances, and set monetary goals for themselves. The results further revealed that 33% of respondents tend to save whatever amount they can without a set plan. It is also noted that 40% of people who save do it for an upcoming expenditure event that is short-term.
Among those who set aside a portion for savings 45% 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% find it difficult to find a financial instrument that is trustable with low-risk opportunities.
Interestingly, however, 59% 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, Young Indians are habituated to seeking advice, guidance, and require the human touch when it comes to investing.
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.
Dinero Founder & CEO, Kashyap Mahavadi said, “At Dinero, we are at the forefront of helping young professionals make better investment and saving habits. We conducted this survey intending 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.”
Earlier, Dinero partnered with 5Paisa to offer state-of-the-art order execution capabilities with a specific focus on passive funds (ETFs) for users on the platform. In addition, users on Dinero's platform will be able to open new Demat accounts with 5Paisa to conduct transactions and link their current 5Paisa account to Dinero's platform.
Dinero acts like a facilitator in helping young professionals achieve financial independence, acquired by building healthy financial habits and developing awareness about financial products. The neo bank aims to inculcate a habit-building approach that aims to help young professionals build stellar financial habits.
About Dinero:
Dinero is India's first habit-building neobank that aims to help young professionals build stellar financial habits. The retail neobank largely focuses on helping young Indians accomplish financial goals through a unique mix of credit and investment products. Focused on building a financial ecosystem and inculcating financial habits, Dinero rewards users with innovative offers to encourage good financial behaviour. Dinero is an ISO 27001:2013 certified company.
To sign up for Dinero’s Early Access, visit www.dineroai.com