World Savings Day: Changing savings trend in Chhatrapati Sambhajinagar
VAIBHAV PARWAT
Chhatrapati Sambhajinagar : On the occasion of World Savings Day, financial experts in Chhatrapati Sambhajinagar have observed significant shifts in the city's savings landscape, with both the young and the elderly adapting to new investment opportunities.
Mutual funds: A hit among youths
Mutual funds have become a popular investment option among youths in Chhatrapati Sambhajinagar, with around 40 percent of them opting for this diversified investment option. Financial advisor Amit Patil said that this is due to the various benefits of mutual funds, such as professional management, diversification, and liquidity.
Fixed deposits: Preferred by the elderly
Fixed deposits (FDs) are still the preferred savings option for the elderly in Chhatrapati Sambhajinagar, with an estimated 35 percent of all investors choosing this stable, low-risk avenue. FDs offer guaranteed returns, but the interest rates are lower than mutual funds, said Rahul Shah, another financial advisor in Chhatrapati Sambhajinagar.
Gold and SGBs: Popular among housewives
Gold and sovereign gold bonds (SGBs) have also gained popularity among housewives and working women in the city, with roughly 10 percent opting for these precious metals and government-backed bonds as part of their investment portfolios.
Importance of diversification
Traditional savings instruments like Public Provident Fund (PPF), National Savings Certificate (NSC), Post Office Monthly Income Scheme, Government bonds, and the Senior Citizen Savings Scheme (SCSS) continue to play a role, albeit with around 10 to 15 percent share.
Youths start saving early
Youths in their 20's or 21 are increasingly saving money, thanks to greater financial awareness, growing aspirations, and easy access to financial products and services. Saving early has many benefits, such as taking advantage of compound interest and having more time to achieve financial goals. To start saving early, set financial goals, choose the right savings account, and automate your savings, said the experts.