Gen-Y Spends on Gadgets Rather than Financial Advice
Bangalore: The young Indians love to empty their pocket on high priced accessories, apparels, eating out and mobile apps but very few want to spend on getting the correct financial advisor, reports Babar Zaidi, of ET Bureau.
A recent survey conducted by Value Notes on behalf of insurance company HDFC Life, stated that only 25 percent of young investors consults a professional advisor for their money making decisions.
This study was conducted on 404 gen-Y investors across 11 cities, which showed that 31 percent of them backed out from their financial plans and 39 percent relies on their friends’ and relatives’ advice.
The Young Indians of the age of 20 – 30 years of age scored low on financial awareness and planning. ‘This is a result of poor awareness about financial events. The Young Aspirants are not completely aware about the merits of goal-based planning,' adds the study.
