15% youngsters aged between 18–24-year-old will invest digital gold, 10% of people invested in it, survey shows

Only 15 per cent of youngsters who participated in the Axis My India Survey revealed that they would invest in digital gold, while 10 per cent of people said that they had already invested in digital gold. 

Axis My India released its India Investment Behaviour Study, which showed that a total of 65 per cent of Indians invest a part of their income in one form or another and Gold emerged to be a popular choice of investment. With 53 per cent preferring gold as an investment tool, 35 per cent of the population showed awareness towards digital gold.

The report further revealed that 55 per cent of those who invest in digital gold are men, 45 per cent are women, 48 per cent are between the ages of 25 and 34, and 56 per cent are married with children. Pop Strata wise, 11 per cent in Metros, 11 per cent in Tier-I, and 8 per cent in Tier-II have already invested in digital gold, demonstrating its growing reach across pop strata.

Pradeep Gupta, Chairman and MD, Axis My India said “Rapid digitalisation has perforated through major cities of India and its impact can be witnessed in the investment patterns of people. Digital modes of investment are catching up and one needs to ensure a supporting infrastructure in terms of digital literacy and addressing concerns around safety. This is the next big revolution as it is impacting day to day functioning of people. Our survey was concentrated on studying how investments are changing with changing demographics and times, and what trends can be predicted based on the pulse of the public.”

The survey was conducted among 5,000 men and women across varied age groups, socio-economic status and occupations in Tier-I,II and III cities. The survey saw a participation of 52 per cent males and 48 per cent females, 36 per cent Metros (Mumbai, Delhi, Chennai, Kolkata); 39 per cent Tier –I towns (Bangalore, Hyderabad, Pune, Ahmedabad, Noida, Jaipur), 25 per cent Tier-II towns (Chandigarh, Vizag, Coimbatore, Gurgaon, Ludhiana). The age group ranged between 25-34 years – 47 per cent, 35-44 years -22 per cent, 18-24 years –18 per cent & 45+ years – 13 per cent.

When considering investments in gold, the importance of trust was highlighted by the fact that 76% of people only bought gold from reputable companies, and 54% said they would consider investing in digital gold if a government-backed company made the process simpler, the survey showed.

The survey showed the growing influence of digital modes of investment, with 24 per cent of people having tried some form of digital investment. An increase in investment was observed with age, as the investment pattern depicted an incline with age, with 67 per cent of 25-34-year-olds investing compared to 76 per cent of 35-44-year-olds. The 24 per cent of the population that invests through digital channels is made up of 28 per cent men and 19 per cent women.

In particular, Gold (65 per cent) is the most popular investment option in metropolises, followed by FDs (44 per cent), Mutual Funds (37 per cent), and other options. The fact that more women (65 per cent) than men (41 per cent) use gold as an investment tool confirms the long-standing belief in the yellow metal. The survey also shows a future intention to invest in gold as (58 per cent) of people in metro areas expressed interest in doing so, with mutual funds and stocks coming in second and third, respectively.

Also Read: BharatPe paid Rs 1.69 crore salary to Ashneer Grover, Rs 2.1 crore to Suhail Sameer in FY22, reveal filings