Edelweiss Mutual Fund Celebrated Financial Freedom Day with Report Hailing The Role of Social Media influencing The Growth of Mutual Funds
FinTech BizNews Service
Mumbai, April 1, 2024: Edelweiss Mutual Fund (EMF) celebrated 31st March Financial Freedom Day by releasing a report that underlines how social media has spurred the penetration of mutual funds (MF). Titled ‘Social Media Sahi Hai’, the report traces the evolution of social media, the role of social media in information consumption related to mutual funds from creators and how different participants associated with the industry should embrace social media. The report also highlights guidelines on how investors can filter the information available through social media.
EMF has released the report on March 31, a day celebrated as ‘Financial Freedom Day’ by Edelweiss Mutual Fund. EMF conceptualised the Day six years back to celebrate the contribution made by Mutual Fund Distributors in the financial journey of investors and to encourage investors to stick to the path of financial Freedom seeking guidance from experts. Since its inception, EMF has used social media extensively to celebrate the Day.
This year-round, for the second time running, EMF celebrates the day by releasing an insightful report on how social media is propelling the growth of MFs. Radhika Gupta, MD & CEO, Edelweiss MF, threw more light on the report, “We have always been vocal about social media has been influencing the decision making of investors. The industry has seen growing investments from the younger generation, and they have been consuming the information through social media and content created by creators on these platforms. It’s important and needed that the certified practitioners embrace social media and come out to create content dispelling a lot of misinformation out there. Our report throws light on these insights. We wish all MFDs and investors a very happy Financial Freedom Day.”
The report reveals significant data about social media consumption and its role in spreading awareness about MFs. Undoubtedly, there is growing interest in MFs from India’s millennials and Gen-Zers. As per data by the Association of Mutual Funds in India, nearly 50% of individual investors were in the 25-35-year bracket in March 2023 vs just ~35% 10 years ago. These investors are a social-media-friendly group. Consequently, the report continues to add, influencers are the fifth most popular source of information for investment decisions among investors. EMF’s report further reveals that increase in India’s social media footprint has coincided with the growth in MF investors. While India’s social media subscribers grew from just over 40 crores at end-2017 to 83+ crore in 2022, SIPs contribute nearly 20% of the total MF AUM vs ~15% in March 2022 – a growth of 500 bps.
The report is a treasure trove of valuable information about how the winds of digital change are slowly sweeping across India’s MF industry and bringing it much-needed whiff of fresh air.
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