Amidst the rising inflation and global uncertainties, investing has become the need of the hour. While Millennials and GenZ are experimental with their money compared to the previous generations, it's very important that it is channeled in the right direction with a long-term goal in sight.
Investing tips for millennials and Genz
According to Satyajeet Kunjeer, Founder and CEO, of Deciml, having a very clear understanding of your necessary expenses by maintaining a monthly budget is a good starting point for young people. A well-maintained budget will also help them religiously allocate funds toward their investments every month.
Starting early, even with smaller amounts, is essential in today's time to combat the effects of inflation, and consistent investing from a very young age, will also help unlock the benefits of compounded return in the long run, he added.
Gen Z and Millenials are experiencing many transformations as the next phase. From payments and consumption, there is a conscious interest in investment options.
“It is evident that this customer base explores simpler, self-enabled, and tax-efficient investment avenues – a strategic approach to building wealth in the early stages,"said Sarvjeet Virk, Co-founder, and MD, Finvasia.
Moreover, with their inherent attraction to technology, they naturally gravitate towards innovative digital features that streamline their trades and investments, while aligning with their financial objectives, Sarvjeet Virk added.
Empowering millennials and GenZ with knowledge about smart money investments is crucial for their financial success.
Rajesh Shet CEO & Co-founder, SahiBandhu is of the opinion that investing in gold is not just a time-tested strategy but also a timeless asset that transcends through generations. Diversifying their investment portfolio with gold, in a world of uncertainty, provides a timeless store of value and acts as a hedge against inflation.
"By embracing gold as a strategic investment, young individuals can safeguard their wealth, preserve purchasing power, and embark on a journey of long-term financial prosperity. Pro-tip to the GenZ while buying gold would be to opt for 22K, preferably yellow gold," said Rajesh Shet
“It is advisable that the younger generation divides their savings between investment options that provide short-term liquidity and investment opportunities that offer long-term gains,"said Prashant A Bhonsle, founder of Kuhoo.
He added that a balance is very important when one plans their savings and investments.
Millennials and Genz are much more aware and have many more options to invest in compared to the older generations.
Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 29 Jul 2023, 09:57 AM IST
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