Amid reports that cryptocurrencies are much more popular than mutual funds in India, a recent survey indicates that the situation may actually be other way around.
A study conducted by neobank Dinero found that 59% of India's young population prefers investing in mutual funds rather than cryptocurrencies.
"59% of the respondents said they would prefer sticking to mutual funds as an investment option rather than opting for cryptocurrencies," the report said.
The survey saw participation from 500 investors aged between 19-30 years.
'Young investors seek guidance'
There's another finding in the survey that is contrary to the popular opinion that newer generation of investors prefer digital modes of investment and that they do not need investment guidance.
The study noted, "Irrespective of the growing digital adoption, young Indians are habituated to seeking advice, guidance and require the human touch when it comes to investing."
'Unsure of what to trust'
The study revealed that 64% of young Indians are unsure of what to trust when it comes to investing. "Due to the absence of definite knowledge, complicated jargons and overload of information they lack the trust to make a decision," the survey said, adding that 51% of the respondents were saving money every month but were unable to invest due to confusion caused by information overload.
