Tag: Millennial Finance

Millennials on the fence about cryptocurrency. Is the risk worth it? Here’s what they think, BFSI News, ET BFSI

Personal Finance

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– Anushka Sengupta

Swapnil Ganguly, a 24-year-old software development engineer at Amazon, said he will not invest in cryptocurrency.

“I would rather invest in the share market. No action can be taken as well because cryptocurrency is not regulated in India. It’s too risky,” Ganguly said.

Swapnil Ganguly

Contrary to popular belief of millennials having a larger risk appetite, ETBFSI has found that they seek security in their investments.

“My friend was recently scammed by a crypto trader. These people steal our money by giving false crypto tokens at a cheaper rate. You realise they are fake only when you sell those tokens for cash,” Ganguly said, soured by the incident.

This holds true even for the risk-takers. These millennials also want cryptocurrency to be regulated, and expect it to be one of the most-opted investment options.

Shreyashi Haldar
Shreyashi Haldar

“I think all investments carry some risks, crypto leading the list, but we have a larger risk appetite. I have also invested in cryptocurrency, but I would prefer it if the government regulates it, so that the privacy concerns are addressed. With talks of a central bank digital currency, I feel crypto can become very significant,” said Shreyashi Haldar, a final year MBA student at NIBM Pune.

Apart from security, some also expressed concerns about the affordability of crypto tokens. Some risk-taker millennials, who want to invest in cryptocurrency, said that they fall short of funds to invest in the secure ones, like Bitcoin, which use the proof of work or proof of stake validation techniques.

Shiba Inu
Shiba Inu

“Popular and secure cryptos like Bitcoin, Shiba Inu, Dogecoin, Ethereum, etc come with less risk at a very high price. Those who are looking for short term investments like me can’t afford these. I invested in XRP through Ripple, which is a cheaper option, but I did not gain much out of it,” said Mahesh Vishnoi, a customer associate at Tech Mahindra.

Cheaper cryptocurrencies do not use such systems, leading to the possibility of theft and fraudulent transactions.

Cryptocurrency is not regulated in India yet. As recently as Wednesday, Shaktikanta Das, governor of Reserve Bank of India, reiterated the risks of cryptocurrency, and said that the numbers, in terms of adoption rate and investments, were exaggerated. The government is also expected to table a Bill on cryptocurrency in the Winter Session of the Parliament, starting Nov 29.

For more stories on cryptocurrency, click here.



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BNPL- A boon or a bane for millennials?, BFSI News, ET BFSI

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-Anushka SenguptaDebaditya Ghosh, a senior software developer at Deloitte, affirmed that he will not use BNPL again. Yes, the ‘Buy Now Pay Later’ credit option has its benefits, such as no hidden charges, but millennials like Ghosh said they are not able to control their expenditures.

“I don’t think I will use it again in the near future. The reason behind it being the purchase limit set by the e-commerce entity. For Amazon the limit is Rs 7,500-10,000. I purchased a product worth Rs 16,000, and I got tempted by the no interest rate policy, so I opted for the BNPL option. However, this wasn’t necessary and I wasn’t planning to spend the additional Rs 6,000. But temptations are quite high, which in turn makes you overspend. You start using it even for small purchases and, at the end, you are burdened by a lot of debt,” Ghosh said.

BNPL is a short term financing method, which allows one to make purchases and pay it off in instalments, within the given stipulated time period.

For those who are known to spend their earnings lavishly, and have fallen short in making full payment at the time of purchase, BNPL can be a great option, but it can increase their already-fragile financial burden.

“I always prefer buying using debit or credit because I can opt for deferment of high value purchases by staggered payments, when needed,” said Shreyashi Haldar, final year MBA student of NIBM Pune.

However, the less conservative millennials – the ones who are spend thrift – believe that BNPL is better than EMI, because of the 0% interest rate. BNPL companies offer an interest rate of 0-24%, depending on the transaction amount, and give the option of digital KYC.

“I purchased an item using Amazon’s BNPL facility, even though it had the EMI option. For EMI, I was being charged 13-15% interest, but with Amazon’s BNPL option, I could purchase the item at 0% interest,” said Asmita Sengupta, senior analyst at PWC India.

For EMIs, one has to pay a percent of interest, some charges, and some paperwork is also required.

Although millennials are in two minds about which is better – one thing is for sure – they believe that BNPL will not replace EMIs or credit cards, in line with what the industry believes. One of the main reasons for this is because the purchase limit is higher in EMIs, compared with BNPL.

“From what I have noticed, BNPL facility of e-commerce platforms are available for customers on that platform only. For example, I had purchased some items using Flipkart’s BNPL facility, but I could only buy it from Flipkart. But with my EMI card, I do not face this issue,” Haldar said.

BNPL- A boon or a bane for millennials?
Since BNPL is relatively new, BNPL is yet to garner a greater reach, like that of EMI and credit cards. Though millennials seem to be in two minds about this new and emerging credit option, the industry believes that the demand for it will likely rise in the future – especially after its robust performance this festive season.

Also Read : Buy Now Pay Later not just a festive craze, demand likely to rise



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From Nigeria to India, Gen Z taps apps to invest, BFSI News, ET BFSI

Personal Finance

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There’s a new generation of investors in town. They’re young, they get their tips on YouTube, and they’re armed with apps that make the stock markets more accessible than ever before.

US investment app Robinhood has made a splash in the West with its mission to open the markets to “everyday people”, but from Nigeria to India, Gen Z are flocking to homegrown equivalents.

“I don’t really care about my college, to be honest. It’s all market, market and market,” said Delhi student Ishan Srivastava, who started trading last December.

Srivastava uses a handful of Indian trading apps, including Zerodha and Upstox, and often gets his financial advice from YouTube. The ambitious 20-year-old hopes to build a diverse investment portfolio and then retire by 45.

In India in particular, the investment revolution has been aided by a boom in “demat” accounts — easy-to-open electronic accounts for holding financial securities, equity or debt.

But a similar app-led investment craze is also underway 8,000 kilometres (5,000 miles) away, in Nigeria.

– Banks ‘less attractive by the month’ – The country’s economic hub Lagos has long been known for its hustle and celebration of success, but the weakness of the naira currency has put extra pressure on youths to make cash as the cost of living has rocketed.

Nigerians have flocked to local apps such as Trove and Risevest which allow them to invest in US stocks, widely seen as a means of protecting wealth as the naira nightmare continues.

“I had the option of putting the money in the bank, but that is looking less attractive by the month,” said 23-year-old Dahunsi Oyedele.

“Sometimes I put my money in Risevest and get some returns in a week. Imagine getting one or two percent returns on 100,000 naira ($240) each week — that’s small, but it means a lot.”

For a few months after losing his job as a tech journalist due to the pandemic, Oyedele covered his rent by trading cryptocurrencies.

He is far from alone in turning to speculation during the Covid-19 crisis, as a combination of mass joblessness, stay-at-home orders and — for the fortunate — underused savings have encouraged people worldwide to dabble in trading for the first time.

In the US alone more than 10 million new investors entered the markets in the first half of 2021, according to JMP Securities, some of them drawn in by social media hype around “meme stocks” like GameStop.

Worldwide, the new arrivals are largely young. Robinhood’s median US customer age is 31; India’s Upstox says more than 80 percent of its users are 35 or under, a figure matched by Nigeria’s Bamboo (83 percent).

Trading apps have lowered the barriers to entry for youngsters in part by offering fractional trade.

A share in Amazon, for instance, is currently worth more than $3,000 — unaffordable for the average Gen Z or slightly older millennial. But a small fraction of that share might be within reach, particularly on an app that charges zero commission.

– Flirting with danger? – Trading apps may have been hailed as democratising access to the markets, but critics say they could also make it easier for inexperienced young investors to get into hot water.

In the US, the Securities and Exchange Commission is investigating whether apps are irresponsibly encouraging overtrading using excessive email alerts and by making investment feel like a game.

And Britain’s Financial Conduct Authority warned in March that the new cohort of young investors — who skew in the UK towards being women and from minority backgrounds — have more to lose.

Nearly two thirds of the new investors it surveyed said “a significant investment loss would have a fundamental impact on their current or future lifestyle”, the FCA found.

“This newer group of self-investors are more reliant on contemporary media (e.g. YouTube, social media) for tips and news,” the watchdog noted.

“This trend appears to be prompted by the accessibility offered by new investment apps.”

Some young investors have already been burned.

Mumbai-based product designer Ali Attarwala is giving trading a break after a bad experience with cryptocurrencies earlier this year.

“These apps make it easy to buy speculative assets like crypto, but there is still a lot of volatility in these new assets,” the 30-year-old told AFP.

Srivastava has also had ups and downs, but he sees his losses as part of the learning experience.

“When I started, I blew up almost 50 percent of the capital,” he said.

“I don’t treat them as my losses, but like education fees.”



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Scary money tasks to tackle now, BFSI News, ET BFSI

Banking & Finance

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There are some things no one wants to think about until they have to, like caregiving for your parents as they age and figuring out what happens to your finances when you die. But planning for these events now can spare you and your loved ones a lot of hassle later on.

The first step is to simply talk about the inevitable.

“Think about the people you care about. Would your life be better if you never brought this subject up? Or would everyone’s lives improve if you did?” says Lauryn Williams, a certified financial planner and owner of Worth Winning, a Dallas-based financial planning firm.

“Getting the conversation going is a gamechanger for being able to tackle these topics,” she says.

OK, your death and your parents getting older don’t make for light dinner-table conversation. But there are ways to ease into each of these uncomfortable topics.

HOW TO HAVE THE CAREGIVING CONVERSATION

Millennials are currently the “sandwich generation,” says Frank Pare, a CFP and president and managing partner at PF Wealth Management Group in Oakland, California. That means they’re responsible for bringing up their kids while also thinking about how to care for aging parents.

The pandemic might have forced you to have frank discussions with your parents about their health care situation. You can use that momentum to approach conversations about the type of care they would prefer later in life, whether it’s moving in with you, going to assisted living or having in-home care.

Williams suggests making a list of open-ended questions to get the ball rolling, such as “What would you want to happen if you suddenly got ill?” or “How do you see me being a part of your retirement?”

Talk about what resources your parents plan to use to pay for care, Pare says. Do they have a life insurance policy? Are they on Social Security? Do they have a pension? Will they need to look into long-term care insurance? This type of insurance covers chronic conditions, disabilities or disorders. If your parents don’t have it or can’t afford to buy it, you can purchase it for them, he says.

Having the conversation allows you to prepare now if you need to start setting money aside for caregiving.

ESTATE PLANNING IS FOR EVERYONE

Contrary to what you might think, estate planning is not just for the wealthy. It’s also not limited to married couples or those with children.

Handing down your assets and handing over your financial responsibilities often involves making a will, creating an advance health care directive for if you’re incapacitated and even having a separate digital will for your online life that includes login credentials and instructions on what to do with your social media accounts or assets like cryptocurrency.

A simple first step you can take now is to log into all your financial accounts and designate a beneficiary for each one. Then you can turn to the bigger questions.

“The work starts with you sitting down and asking – what would you want to see happen if you were no longer around?” Pare says.

Yes, it can be overwhelming to think about something bad happening to you. But creating a detailed estate plan spares your loved ones from having to sort out your financial affairs while also grieving your loss. It can also minimize the potential likelihood of probate, which is the long legal process for distributing your property after you die.

You can use an estate plan to make your wishes and priorities clear, such as appointing a guardian for your children, deciding what happens to your beloved pet, or donating your money to a cause you care deeply about. (Asking your parents for their advice can also trigger a conversation about their estate plan and caregiving needs.)

Williams suggests asking yourself these questions to make the process feel less abstract:

● What would happen if I were in the hospital for a while?

● What if I were incapacitated and had to undergo surgery: Who would I want to make the decision for me?

● Who would pay the bills or walk the dog while I could not?

If you start writing down your answers, you’ve already taken the first step toward making an estate plan. You’ll need to hire a lawyer when you’re ready to officially move forward.

__________________________________

This column was provided to The Associated Press by the personal finance site NerdWallet. Amrita Jayakumar is a writer at NerdWallet. Email: ajayakumar@nerdwallet.com. Twitter: @ajbombay.

RELATED LINK:

NerdWallet: Estate planning checklist https://bit.ly/nerdwallet-estate-plan



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Millennials pull crypto out of the shadows in India, BFSI News, ET BFSI

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In hundreds of India’s small cities and towns, a generation that has hardly had any experience with stocks and bonds is heading straight for Bitcoin, Ethereum, Cardano and Solana. The average age of the 11 million users of CoinSwitch Kuber, a cryptocurrency trading app that didn’t exist 18 months ago, is 25, and 55% of them are from outside large metropolises like New Delhi or Mumbai.

Widespread acceptance of digital tokens by millennials and Generation Z is helping the industry step out of the shadows, a far cry from 2018 when the cofounders of a crypto exchange were briefly in police custody for daring to put up a kiosk in a Bangalore shopping mall where people could swap their Bitcoin for money. Now trading is all very public, and highly visible. CoinSwitch Kuber has signed up a popular Bollywood youth icon for an ad campaign with the tagline, “Kucch toh badlega” — something will change.

For CoinSwitch, which started out as a an aggregator of best real-time prices for digital assets around the world, something already has. In 2018, the fledgling venture couldn’t play on its home turf because India’s monetary authority had instructed banks not to entertain customers who dealt in virtual currency. It was only in March last year that the Supreme Court overturned the ban. CoinSwitch, whose app was released in June, acquired 11 million customers in 16 months. Investors took notice of the startup: It recently became the first in the country to raise money from Silicon valley venture capitalist Andreessen Horowitz, at a valuation of $1.9 billion.

Having gone mainstream in such a short time, the industry itself is demanding to be regulated. “We’ve decided that we’ll show our faces,” says Ashish Singhal, one of CoinSwitch’s three cofounders. “Even if regulation harms our business in the short run, it’s better than being forced to operate in a gray area with little certainty and not much room for growth.”

Fears of being outlawed have swirled since last year’s court order that gave the dying industry new life. But that risk is now receding. While Beijing last month announced, in most unequivocal terms, its resolve to root out all transactions in virtual currencies, the consensus opinion is that New Delhi will hesitate to take such an extreme step. That’s partly because the relationship between private business and the state is different in India, where politicians need corporate donations to fight expensive elections, and citizens don’t like being told by the government whether tutoring, online gaming — or owning crypto assets — is bad for them.

But in part the industry’s confidence stems from the belief that policy makers have been persuaded of benefits to the economy from blockchain-based innovation. iSPIRT, an influential Bangalore-based think tank, is advising India to embrace the growing field of decentralized finance to close a $250 billion funding gap for small and midsize firms, and build a Wall Street for all on the internet, as Balaji Srinivasan, formerly the chief technology officer at Coinbase Global Inc., the largest U.S.-based crypto exchange, describes it.

“We, as a country, missed out on internet 1.0,” says Singhal. “We gave world-class talent to Google and Microsoft, including their current CEOs, but we didn’t create those titans. With blockchain, we can build some global giants.”

Still, mass adoption of crypto trading continues to make authorities — especially the central bank — uncomfortable. CoinSwitch isn’t the only firm employing celebrity endorsement to drum up business ahead of Diwali, the traditional gold-buying season. According to Bloomberg News, officials recently met with Amitabh Bachchan to inform the Bollywood superstar of their concerns over his brand-ambassador deal with CoinDCX, another Indian crypto exchange.

The current speculative fervour could use some tamping, though it’s too late to try anything more draconian. Putting an entire asset class off limits won’t be fair to Generation Z investors. They have “grown up on the internet,” says Sharan Nair, CoinSwitch’s chief business officer. “Many are techies like us who like to solve problems in the crypto world by contributing code. What can they do as shareholders of a bank whose website they don’t like?”

About 83% of urban Indians are aware of digital currencies, while 16% actually own them, according to a survey by data analytics firm Kantar. Many more want to — the draw of crypto is now half as powerful as that of mutual funds, a product with which older generations have a far deeper familiarity. That offers a glimpse of what investor portfolios will look like in future: A mix of digital assets and traditional financial products. Even without the reflected light of Bollywood stars, India’s crypto industry isn’t going dark again.



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The case for being boring with your money, BFSI News, ET BFSI

Banking & Finance

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The idea of gaining wealth in flashy ways isn’t new. After all, Charles Ponzi, for whom Ponzi schemes were named, defrauded investors more than 100 years ago with a get-rich-quick scheme built on a foundation of lies. Today, speculative investments, multilevel marketing companies and other risky efforts to turn a profit still lay seductive traps.

You can always leave your money alone in an interest-bearing account and let time do its thing, but that doesn’t exactly make for exciting party conversations, does it? So we open and close accounts. We invest in hot stocks and sell them at the first sign of bad news. We mess with our money because, in our minds, growing wealth is supposed to take effort.

“In almost everything else we do, there’s a payoff to activity: If I want to be a good runner, I should run every day. If I want to be a good painter, I should constantly practice,” Morgan Housel, partner at The Collaborative Fund and author of “The Psychology of Money,” said in an email. “But if you want to be a good investor, the best thing by far for people to do is not trade, not tinker, just leave it alone – and I think that’s just so counterintuitive because it’s so unique to investing.”

In a world full of financial influencers peddling products and friends bragging about buying NFTs, it’s perfectly fine to manage your money in a mostly yawn-inducing way. Here’s why.

BEING BORING GIVES YOU MORE TIME TO LIVE YOUR LIFE

Dealing with your money is a necessary chore, and it’s not exactly fun. Thankfully, we live in efficient times. In a few minutes, you can set up automatic money transfers that quietly send your cash into separate accounts serving different purposes. Why keep money management on your to-do list when it can happen on its own quite literally while you sleep?

“Money is a means by which you live your life, not life itself,” Meg Bartelt, financial planner and founder of Flow Financial Planning, said in an email. “The more complicated, changeable or scary your investments are, the more time you spend working on them or thinking about them, and therefore the less time you have to live life.”

BEING BORING KEEPS YOU FROM MAKING RASH DECISIONS

It’s important to take a peek at your investment accounts periodically, but obsessing over every market move is exhausting and counterproductive. It can lead to making reactive decisions that hurt your wealth in the long run.

Choosing to be boring with your money is an exercise in letting go of the illusion of total control. Yes, there will always be round-the-clock financial news, but not everything happening in the larger economy affects you as an individual. Turn off news and stock market alerts on your phone so you no longer feel that itch to react. Instead, mindfully decide when to watch the news and check on your accounts so you can stay informed with less stress.

WHAT BORING MONEY MANAGEMENT LOOKS LIKE

– CREATE A PLAN YOU (MOSTLY) STICK TO: Bartelt finds that, whether her clients avoid their money or obsessively track it, it’s because they all feel the same emotion: fear. The antidote is a financial plan based on specific goals and values. “Having a plan is reassuring,” she said. “Once they have the plan, or hell, once they know they’re going to have one, people relax.” Base your savings and investing goals on what you intend to spend money on in the short-, medium- and long-term. Leave wiggle room for life changes and other uncertainties, because those are guaranteed to happen.

– PREPARE FOR EMERGENCIES: There’s nothing particularly sexy about emergency funds, life insurance and up-to-date wills, but should the unexpected happen, these things can help you stay financially steady.

– AUTOMATE YOUR MONEY: Transfer funds automatically from checking to savings or from checking to a brokerage account. Contributing to a 401(k) through your job is automation, too, since that money comes out of your paycheck directly. Making regular contributions to different accounts, and increasing them as your budget allows and goals shift, will grow your nest egg.

Once you have your boring financial foundation in place, you can sprinkle on some riskier investments if you want. But remain faithful to your plan. “You have to actively and continuously ignore the ubiquitous distractions, charlatans, and blowhards in order to stay true to your own values and goals,” Bartelt said.

______________________________________

This column was provided to The Associated Press by the personal finance site NerdWallet. The content is for educational and informational purposes and does not constitute investment advice. Sara Rathner is a writer at NerdWallet. Email: srathner@nerdwallet.com. Twitter: @SaraKRathner.

RELATED LINKS:

NerdWallet: What Is a Financial Plan, and How Can I Make One? https://bit.ly/nerdwallet-financial-plan



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Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos, BFSI News, ET BFSI

Personal Finance

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The pandemic has forced the brokerage industry to reassess all the business models and their respective go-to-market strategies, which is leading to either an extreme or a moderate disruption, said Bhawna Agarwal Country Head, India – Strategy & Growth, Enterprise Group, HPE India.

“One common theme across all business adoption or acceleration of digital is that it has become completely pervasive. So, all across the section of clients for us, especially the stock brokers, we’re adopting this fast digital way of interacting as well as investing,” she said at the panel discussion on Brokerages Fighting Disruption Digitally at ETBFSICXO

Rising expectations

Sandeep Bhardwaj, CEO, IIFL Securities feels that after using Netflix or Amazon, people don’t differentiate between a banking application or a broking application. “They feel like a broking apps should be like that. This is where it becomes challenging for any brokerage to bring that experience. UI, UX gives millennial users an experience of their taste,” he said.

Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos
The whole ecosystem we’re working on for catering to the needs of the new generation needs everything to be faster, quicker, better and simpler, said Jaideep Arora, CEO, Sharekhan.

“Our entire digital platform team has an average age of 26 years, so when they know for whom they are making a product, they end up creating the same scenario for them. So that is what we are trying to do to get that seamless experience,” Bhardwaj of IIFL Securities said.

Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos
A lot of data is being used to really understand how we give the right advice to the right customer in the best manner possible. So basically there’s a digital innovation happening in the account opening onboarding process, said Arora.

“Mixing behavioural science with the technology to leverage is what the entire solution is all about at the end of the day. How we create a user experience, leveraging AI and ML will define the user lifecycle throughout his life,” said Bhardwaj.

Collaboration with FinTechs

Digital is all about collaboration with FinTechs. Rather than building everything in-house and spending money, it’s all about collaborative work. So it becomes far easier to implement those solutions which are readily available, says Bhardwaj.

Having a very collaborative opensource and working with FinTechs and even smart customers and coming with a lot of solutions can help the whole system, and it will be a win-win across the industry, said Arora of Sharekhan.

Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos
“In this ecosystem, the learning is that you are not alone, you have to collaborate with FinTechs, you need to have rich API’s, engage with other partners and customers as well. You have to cover all aspects of digital transformation at all levels and really immerse into it, and then you truly grow. This is what our belief is,” he said.



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An Indian Millennial opens a bank account every 30 seconds says Niyo, BFSI News, ET BFSI

Banking & Finance

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The gaining popularity of digital banking services among millennials can be witnessed from the fact that over 82% customers of NiyoX are below 35 years of age. The convenience and accessibility provided by such products holds increased importance among this population thus making them the early adopters.

Niyo is seeing tremendous traction among the millennial population with one NiyoX digital savings account being opened every 30 seconds. This has led to the digital banking fintech on-boarding 500,000 customers within 150 days of its launch.

“At Niyo we are committed to making banking simple while adding value to the users are every step i.e. On-boarding, transactions, fund transfers, chat besides our popular 007 offering. This is just the beginning as we add more features and products to delight our users. Half a million accounts is a humbling milestone and motivates us to work harder to ensure great banking experience for all.” said, Vinay Bagri, Co-founder, CEO, Niyo.

Since its launch, NiyoX has seen more than one crore transactions. With more than 50% of the transactions on the app being done via UPI, highlights the growing demand of the payment option among the digitally-savvy millennials. According to NiyoX, the top categories where customers spend the most include food delivery, ecommerce and entertainment.

The top 5 cities with maximum customer base for NiyoX are Delhi, Mumbai, Kolkata, Hyderabad and Bangalore. 35% of the customers on-boarded NiyoX for its industry-high 7%* p.a. interest rate feature, followed by 25% customers who were driven by the 2-in-1 account facility as well as the ease of banking provided by the platform.

“The demand for a safer, better and faster banking experience is now more than ever and we at Niyo are trying to fulfil just that. We have tried to create a power-packed product with multiple features to provide a seamless banking experience to our customers. Our product lives up to the promise of instant digital on boarding with customers being on-boarded as fast as under 100 seconds,” adds, Virender Bisht, Co-founder, CTO Niyo,

20% of the millennial customers joined the platform for its 0% Commission on mutual funds and zero balance savings account features.



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IIFL Securities and Stockal partners to capture the millennial investor base, BFSI News, ET BFSI

Personal Finance

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IIFL Securities,has partnered with Stockal. This partnership will help IIFL Securities’ customers to have access to 3500+ US-listed companies, invest in fractional stocks, and expert-curated Stacks & ETFs to suit the risk and industry preferences of the individual investors.

Owing to vast information globally, and without legal paperwork, it induces millennials to invest prudently. 50% share of Stockal’s customers is held by millennials. The partnership between these two companies will embark the journey of a millennial to invest in the US stock market . This strategic B2B partnership will advance both companies and self- efficacy to assert their reach and product offering for savvy investors.

Sandeep Bhardwaj, CEO, IIFL Securities, said, “The new Indian retail investors, mostly the millennials and Gen-Z-ers, are increasingly looking at diversifying their portfolio in global assets. A general interest in investing in US stocks, especially fractional investing, has been witnessed ever since the Covid-19 pandemic led to domestic market uncertainties. Our partnership with Stockal will open up new avenues for our customers to invest seamlessly in global markets.”

Vinay Bharathwaj, Co-CEO and Co-Founder of Stockal said, “The trust that investors have on IIFL will help global investments soar to the next level. This partnership will help the company offer global investment options to their existing and new customers, thereby ensuring long-term relationships. It will also enable thousands of young Indian investors to get exposure to opportunities offered by the global markets. Together with IIFL, we will help establish a seamless pathway for all investors country-wide.”

Nandakishore Purohit, Chief Digital Officer, IIFL Securities,said, “In the continuous endeavor to provide fully integrated digital investment solutions to our customers our global investment offering is powered by a robust open API platform. It provides a seamless onboarding experience to invest in US stocks and ETF’s to our customers in just a few clicks for the very first time in the industry.”



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Millennials are killing it… Don’t LOL, BFSI News, ET BFSI

Personal Finance

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– By Tarika Sethia

They are not just young but their choices are too unusual. While the traditional investors are still confused over cryptocurrency, millennials have already found solace in it.

Millennials investing in crypto

Vartika, a 28-year-old girl living in Mayur Vihar, Delhi, has seen hundreds of videos on YouTube which are related to cryptocurrency investments. She has invested in bitcoin and also made some money.

“I understood what cryptocurrency is by watching videos and decided to invest in it,” she said.

Around one crore investors are holding over $ 1 billion of cryptocurrency investments in India and the majority of them are millennials.

About 62% of users at WazirX, India’s biggest cryptocurrency exchange, are below 34 years of age. According to CoinDCX’s report titled ‘Mood of the Nation- 2020’, 71% of respondents below the age of 35 had invested in crypto at least once.

According to the CNBC Millionaire survey, more than 33% of millionaire investors belonging to the millennial generation have over half their wealth in cryptocurrencies. As mainstream and quotidian as it gets, it becomes essential to ask why some Indian millennials are throwing all their savings into a volatile virtual currency that they cannot afford to lose or is it just an alternate investment.

Cryptocurrency and Millennials

All these numbers shed light on the curious eyes of the millennial demography. The notion of crypto being a young person’s asset choice isn’t a farce. However, the question remains, why? While the equity markets were touching fresh lows each day during the Covid lockdown in 2020, cryptocurrencies kept rallying. It was 2020 when many began surfing the crypto wave. Work from home expanded the opportunity to do more than just work and allowed some free time to people leading to huge clamour for ‘meme’ stocks on social media. Fear Of Missing Out (FOMO) has made millennials dash for a chunk of the crypto pie.

Two things are attracting millennials towards cryptocurrencies. First, everything is digital and can be processed seamlessly on the smartphone. Second, it fetches high returns which no other asset class seems to offer.

“I have done my calculations. There are high chances that I will earn far more than what I invest,” said Syed, a 25-year-old intern in a private company.

Living in a digital world, convenience leaves millennials drooling. With copious platforms emerging for crypto trading and each one of them innovating to provide a better user experience, investing and trading has become easier. Brisk KYC to instant crypto purchases, investing in digital currency has become swift and seamless. It is the gift of having everything at your fingertip.

Millennials are not risk-averse

With skyrocketing growth and hard-hitting falls, cryptocurrencies are not for the risk-averse. Millennials are still young enough to afford risking a part of their investment into highly oscillating asset classes, as advised by financial advisors and influencers on Instagram and YouTube. This isn’t very fresh advice but has always lingered in the investment world. However, now it has welcomed a new asset class. This ideology served with the appeal of building wealth faster encourages this bracket to run towards crypto.

Cryptocurrency and regulations

Neither the government nor the regulator has taken any firm stand on cryptocurrencies yet. The crypto exchanges are trying their best to convince the regulator. While India’s central bank has clearly stated that they have issues against cryptocurrency, the Finance Ministry has a different view.

“We want to make sure there is a window available for all kinds of experiments which will have to take place in the crypto world. The world is moving fast with technology. We cannot pretend we don’t want it,” said, Nirmala Sitharaman, Finance Minister.

Cryptocurrency and Global Push
The virtual currency has been dancing over tweets and has even attracted eyeballs of governments from El Salvador to India.

The curiosity about crypto is all over the world. It reached a new high when Tesla founder Elon Musk joined the race. In fact, after a drastic fall, Bitcoin soared this week after Musk’s tweets again favour the crypto.

Moreover, the European Investment Bank (EIB) issued its first digital bond on the Ethereum blockchain, in April this year. Richard Teichmeister, the head of funding at the EIB called the blockchain technology “revolutionary”. Dogecoin that started as a meme currency shot up in value when the tech billionaire Elon Musk tweeted about it.



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