Mutual fund (MF) industry witnessed an influx of 84.8 lakh new millennial investors in the last five financial years (FY19 FY23), cornering 54 per cent share of the new investor base, on the back of massive awareness campaigns, conducive market conditions and digital access, according to a report by CAMS, reported Press Trust of India.
Apart from these factors, simplified KYC and concerted intermediation and advisory too encouraged new millennials to invest in MFs. Overall, 1.57 crore new investors joined the industry between 201819 and 202223, as per the report released by MF transfer agency Computer Age Management Services (CAMS) on Thursday.
According to the report, millennials have been the dominant segment among the new investors who entered MFs in the last five years with their share percentage peaking to 57 per cent in FY20.
“Despite the market volatility and uncertainty through FY23, millennials continued to make MFs their choice of investment for wealth creation,” the report said.
Millennials have added 1.03 crore SIPs during the five years in addition to the 51 lakh SIPs made as initial investments.