New Delhi, Jan 6 (IANS) After an exceptional year in which gold prices surged and the Pakistan Stock Exchange delivered near-record returns, investors are now entering 2026 with growing uncertainty.

With interest rates expected to ease, taxes rising on savings, property markets losing momentum and equities no longer cheap, the easy gains of the past three years appear to be behind.

For many Pakistanis, the challenge ahead is not how to make quick money, but how to protect hard-earned wealth in a more difficult and less forgiving investment environment.

As investors now look towards 2026, attention is shifting to which asset classes still make sense in a changing economic environment.

Many Pakistanis continue to keep their money in current accounts, often due to habit or religious considerations.

However, these accounts offer zero return, while banks use the same funds to earn double-digit returns by investing in government securities, according to a report by Dawn.

Savings accounts are a step ahead, but returns remain modest. Typically, they offer returns slightly below the State Bank of Pakistan’s policy rate, translating to around 9 per cent annually at present.

Recent tax measures have further reduced post-tax returns, especially for those with higher savings balances.

More financially aware investors often turn to low-risk fixed-income mutual funds. These funds invest in government securities and bank deposits, offering daily liquidity and professional management.

While returns are slightly better than savings accounts, they are adjusted for management fees.

Investors seeking higher growth often look beyond fixed income. Balanced mutual funds, which invest a portion of money in equities and the rest in fixed-income instruments, offer a middle path.

These funds are suitable for individuals who can tolerate some short-term volatility in exchange for better long-term returns, especially during periods of falling interest rates.

Pension funds remain one of the most overlooked investment tools, particularly for salaried individuals.

Contributions not only help build long-term retirement savings but also provide valuable tax credits.

The tax savings alone can make a noticeable difference in annual finances.

Precious metals like gold and silver continue to attract interest, though experts caution that they do not rise endlessly.

Crypto assets have also returned to the discussion. Improved global engagement and policy signals have sparked hopes of a formal regulatory framework in Pakistan.

While cryptocurrencies remain highly volatile, regulated access to digital assets and stablecoins could appeal to younger investors seeking alternative stores of value.

–IANS

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