Explore the findings

Research Objectives and Key Measures

What we want to understand, what our data shows, and its limitations.

What we want to understand

Every result on this page describes the 553 people in our focused group, or a smaller number who answered that specific question — not INDmoney's own users, and not all of India.

The original question
Why might young salaried users consider a first mutual-fund SIP but not complete it on INDmoney?
What our survey data can actually answer
What motivations, barriers and encouragement factors do salaried Gen Z respondents report when they consider mutual funds but do not currently hold them?
553 peopleAges 18–28Considered mutual funds, don't hold them today
Where this is headed
Help INDmoney identify and test changes that support informed first-SIP completion and continued payments.
1
Understand the barriers
What concerns, motivations and encouragement factors do respondents report?
2
Understand differences
Do answers differ by income, previous experience, or related characteristics?
3
Identify what to investigate
Which explanations and future company changes need testing?

Key research indicators

Every result below shows how many people answered and out of how many — never a full 553 unless everyone answered that specific question. A similar answer rate across two groups is a necessary check before comparing them, but it does not by itself rule out selection bias.

Why respondents consider investing. 1 measure.

Key research measure 

Limitations

What this project is not, and cannot show — stated once here rather than as a pending task.

This project studies survey responses, not INDmoney's own performance
  • No INDmoney activity records of any kind — no app opens, no screens viewed, no clicks.
  • No observed onboarding or SIP-setup journey — where people actually stop in INDmoney's own product is unknown from this data.
  • No first-SIP conversion or payment data — whether anyone who considered mutual funds went on to invest through INDmoney is not observable here.
  • No evidence that any proposed change would work — the conclusions below are ideas worth testing, not validated fixes.
  • The survey only asks non-holders about awareness sources for mutual funds and ETFs combined — there is no mutual-fund-only version of that question.
  • Income-allocation categories are individually reliable but not validated as one consistent personal budget — never summed into a disposable-income figure.
  • Every result is unweighted and descriptive — no significance testing, no causal claims, and not a population estimate.

Conclusion

These are proposals informed by the indicators above — ideas for INDmoney to investigate, not conclusions this project can prove.

Investigate onboarding friction
“Simple and easy process for investing” is the top-selected encouragement factor (44.0%). Worth checking against INDmoney's own onboarding funnel before assuming this is the fix.
Test plainer risk information
“Fear of losing money” is the top-selected barrier (30.5%), rising with income tier. Worth testing whether clearer risk communication changes completion for users showing MF intent.
Segment by prior investment experience
Barriers and encouragement factors differ between past MF investors, no-prior-investment respondents, and other-product investors — a single “non-holder” message may not fit all three.
Re-examine the education proposal
Demand for “better education” differs by prior experience, but the knowledge-item relationships tested here are weak and mixed — a specific content gap isn't confirmed yet.
See the full evidence behind these proposals →
Future company KPIsNot calculable from this dataset
Proposed measures for INDmoney's own product-analytics team to define, instrument and agree — explicitly unavailable in the SEBI Investor Survey. No value, target or projected improvement is given for any of these; they require INDmoney's own event data and sign-off (see docs/research_and_measurement_plan.md §5).

First-SIP order placement

A user sets up/submits a SIP mandate (fund, amount, frequency, authorization). Can happen without any money moving yet.

First successful SIP payment

The first scheduled debit under that mandate actually succeeds — kept as a distinct event from placement; an order can be placed and still fail here (insufficient funds, mandate not approved, technical failure).

Continued scheduled payments

Among users whose first payment succeeded, the share who also complete later scheduled payments — counted only once the relevant payment's due date has passed, with cancellations and failed payments kept in the denominator, never dropped.

Risk-comprehension checks

A brief comprehension check (e.g. what a SIP is, what happens if a payment fails, or a core investment-risk question) confirming that faster or higher completion isn't coming at the cost of understanding what was purchased.