Posted on October 16th, 2022

85 per cent of population was aware that digital gold is a new age investment instrument that allows you to invest in 24 Karat Gold, 73 per cent knew that it could be redeemed for physical gold and 64 per cent was aware that it can be purchased at Re 1 through their phones.

A total of 65 per cent Indians prefer to invest a part of their income in one form of the other and among all the ways of investment, gold emerged as the popular choice of investment. According to the Axis My India Survey, 53 per cent people preferred gold as an investment tool, 35 per cent of the population showed awareness towards digital gold and 10 per cent had already invested in digital gold. In terms of age group, 15 per cent of people in the age group of 18-24 years showed interest to invest into digital gold.

The awareness for digital gold, it maintained, is coming from social media, followed by mass media like TV/print/outdoor, families & friends. “85 per cent of population was aware that digital gold is a new age investment instrument that allows you to invest in 24 Karat Gold, 73 per cent knew that it could be redeemed for physical gold and 64 per cent was aware that it can be purchased at Re 1 through their phones,” the survey said.

Also, when investing in gold, the trust factor was prominent as 76 per cent population purchased gold from a trusted brand only and another 54 per cent said that if there is a government of India backed company which makes investing easier in digital gold, they will be more comfortable to try investing in digital gold. While safety and security was the major motivator behind people investing, saving tax and profits were the other reasons. “Rapid digitalisation has perforated through major cities of India and its impact can be witnessed into the investment patterns of people. Digital modes of investments are catching up and one needs to ensure a supporting infrastructure in terms of digital literacy and addressing concerns around safety,” said Pradeep Gupta, Chairman and MD, Axis My India.

Gold has always enjoyed cultural affinity with people in India. The survey said that digital modes of investments are catching up and that metro cities are showing higher interest in one form or the other. One of the key drivers for the growth of interest of people in gold is securing the future of their children, other patterns like holding gold as a distress option by women also emerged from the survey. In terms of investment options, a high affiliation for mutual funds was also witnessed.

Specifically in metro cities, gold is the highest investment option with 65 per cent of the population opting for it, followed by 44 per cent people focusing on FDs and 37 per cent in mutual funds, followed by other options. Going forward as well, 58 per cent of the metro population will invest in gold, 35 per cent in mutual funds and 23 per cent in stocks. The survey was carried out in metro cities with 5000 respondents, wherein 52 per cent were male and 48 per cent female population.

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