Indian Youth Wants to Invest In Digital Gold More than Any Other Assets, Reveals Study

Fifteen per cent of India’s youth (18-24-year olds) are keen on investing in digital gold, a survey by New Delhi-based consumer data intelligence company, Axis My India, has revealed. 

The study titled ‘India Investment Behaviour’ captures the consumer behaviour centred on different investment instruments, including digital gold, in metro and non-metro cities. 

The survey covered 5,342 people, of which 36 per cent were living in metros, and 39 per cent in Tier-I and 25 per cent in Tier-II cities. 

Pradeep Gupta, chairman and MD, Axis My India, said, "Gold has always enjoyed a cultural affinity with people and this survey reiterates how the yellow metal is a major part of our financial journey since time immemorial. Digital modes of investments are catching up and the metro cities have quite a high proportion of people who are investing in one form or the other."

Digital Gold Trends Observed 

Most Indians wants to invest in gold than mutual funds: About 53 per cent of respondents invested in gold, followed by mutual funds 41 per cent, fixed deposits 39 per cent, and stocks 26 per cent. 

Youth wants to invest in digital gold more than any other age group: Eleven per cent of people surveyed in the age group 18-24, 25-34, and 35-44 invested in digital gold. 

The survey showed that more Indian youth wants to invest in digital gold, and those in the age group of 18-24 could surpass 15 per cent share compared to any other age group investing in digital gold.  

About 42 per cent of Indian youth prefer investing in gold, but in the future the dominant age groups for gold will be 35-44 and 45-54 at 54 per cent each. 

Gaurav Mathur, MD and founder, SafeGold, a digital gold company, said, "Digitally buying  gold is the cheapest way to own gold in the most secure manner with full insurance. This is because digital gold does not include a storage charge as of today."

Table Showing Future Interest of People In Investing Source: Axis My India

More people prefer to invest in digital gold than NPS: About six per cent of the respondents said they prefer to invest in the National Pension Scheme (NPS) and 10 per cent preferred digital gold. Other instruments like bonds and cryptos were least preferred. 

Table Showing Current Investment In Different Assets Source: Axis My India

More males than females are investing digitally: The report noted that India is becoming increasingly digitised with about 24 per cent of Indians trying some form of digital investment. Of this, the number of males is about nine per cent higher than females.  

And 50 per cent of those who invested digitally have invested in mutual funds, 40 per cent in stocks, and about 35 per cent in gold.  

People in the age group 55-60 dominate the mutual fund space, accounting for the largest share of males at 57 per cent. 

Table Showing Demographic of People Investing Currently Source: Axis My India

More females are investing in gold than males but middle aged people dominate gold investing: When it comes to gold investment, females lead at 65 per cent. The study also found that about 61 per cent of females in the age group 35-44 are more active in gold investment. 

Gold as an investment is preferred in metro cities more than other areas: People in metros like Delhi, Mumbai, Kolkata, and Chennai prefer gold over any other investments at 65 per cent, 44 per cent prefer fixed deposits, and 37 per cent mutual funds.  

Cryptocurrency and bonds were among the least preferred in metro, Tier-I, and Tier-2 cities.  

Table Showing Area of Living of People Investing