ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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People ages 18-45
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People ages 60-85
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Either A or B
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None of the above
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Detailed explanation-1: -According to a Gallup Poll, the average age investors started saving is 29 years old. And only 26% of people start investing before the age of 25.
Detailed explanation-2: -In 2022, the median age of individuals heading mutual fund–owning households was 54 (Figure 1). Fifty-four percent of mutual fund– owning households were headed by individuals between the ages of 35 and 64, the age range in which saving and investing traditionally are the greatest.
Detailed explanation-3: -National Pension Scheme. Can’t make up your mind what product to invest in? Mutual Funds. The importance of investing in mutual funds cannot be overemphasised. Public Provident Fund. Annuity plan. Insurance.
Detailed explanation-4: -High-Yield Savings Account. High-yield savings accounts are a type of federally-insured savings account which aim to earn interest rates much higher than the national average. Money Market Accounts. Certificates of Deposit (CDs) Short-Term Bond Funds.