May 5, 2023
By: Anagh Pal
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In the last five years, millennials have made up the largest proportion of new investors in mutual funds, with their percentage reaching a peak of 57% in FY20.
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In FY23, women millennials accounted for up to 30% of the new millennial investors, indicating the growing financial independence and confidence among women to choose financial assets to create wealth.
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Most millennials have made the choice to make the first investment in equity funds in FY22 and FY23, with 89% and 90% investing in equity schemes in these years.
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Two-thirds – 51.4 lakh of 76.5 lakh millennials – have chosen the systematic investment plan (SIP) route for their first investment.
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A third of new millennials (25 lakh) have made a lump-sum investment. Around 20% of new millennials enter the market with an investment between ₹10,000- ₹50,000.
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Nearly 43% of millennials are expanding their exposure to more than one fund house indicating that they are not limiting themselves to a single fund house, and are exploring a diverse range of options.
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Contrary to the common belief that millennials prefer to invest directly in mutual funds, 95% of millennials have opted to use advisors or distributors to start their mutual fund investments.
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Despite being referred to as the internet generation, almost 25% of new millennial investors have entered the mutual fund industry via paper mode.
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Millennials have contributed over ₹30,000 crore in gross inflows in the past two years. Equity schemes have registered gross sales of ₹65,145 crore in the last five years.
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