Group differences
Percentage-point differences in barriers, encouragement, and knowledge across groups
Lack of trust in fund managers
-10.4 ppOther product only (not MF): 0 (count only)
High fees, charges and Management expenses
+6.3 ppOther product only (not MF): 1 (count only)
There are too many options
+5.9 ppOther product only (not MF): 4 (count only)
Requires too many documents
-5.5 ppOther product only (not MF): 2 (count only)
It’s for long term investment
-5.0 ppOther product only (not MF): 8 (count only)
I don't have enough money to invest
+4.7 ppOther product only (not MF): 1 (count only)
Confusion cause by information overload from different sources
+3.7 ppOther product only (not MF): 4 (count only)
Better returns from other investment options
-3.2 ppOther product only (not MF): 3 (count only)
Takes time to receive invested money after selling
+3.1 ppOther product only (not MF): 1 (count only)
Advised by family, friends, or financial advisors not to invest
-2.9 ppOther product only (not MF): 1 (count only)
I don't know how to start investing in Mutual funds
-2.3 ppOther product only (not MF): 4 (count only)
Regulatory or policy concerns affecting mutual funds
-2.2 ppOther product only (not MF): 4 (count only)
Lack of availability of investment platform in local language
+2.1 ppOther product only (not MF): 0 (count only)
Fear of losing money due to market risks
+1.9 ppOther product only (not MF): 4 (count only)
Uncertainty about returns and performance
+1.6 ppOther product only (not MF): 3 (count only)
Lack of knowledge about how mutual funds work
+1.5 ppOther product only (not MF): 3 (count only)
Lack of trust in the mutual funds
+1.1 ppOther product only (not MF): 5 (count only)
Requires large amount to start investing
-0.3 ppOther product only (not MF): 3 (count only)
Suggests barrier messaging could be segmented by prior experience rather than treated as one group.
Findings
People with no prior investment experience want more education, notably more than past mutual-fund investors.
Education content may matter more to people with no prior securities-market experience than to past investors.
Fear of losing money rises steadily with income tier — the one barrier with a clear step-by-step gradient.
Among the barriers tested, this is the only one with a step-by-step gradient across income — higher earners report this concern more often.
Distrust of fund managers is reported notably more by past MF investors than by people with no prior investment.
Having previously invested and stopped is associated with reporting more distrust of fund managers specifically, not just general market fear (which both groups report at similar rates).
Three specific respondent-level relationships were tested — risk preference vs. fear of loss, expense-ratio knowledge vs. wanting education, and online-KYC knowledge vs. wanting a simpler process — and none shows a strong or consistent pattern.
These three specific, pre-chosen hypotheses (risk preference vs. fear of loss, one knowledge item vs. wanting education, KYC awareness vs. wanting simplicity) were each tested directly — none produced a gap large or consistent enough to call a real pattern.