Only 20% of the affluent millennials from the UK are investing in cryptocurrency – a survey revealed this mindset of 500 wealthy UK millennials (age group 22- 36 years as per PEW). Affluent Millennials are referred with an investible assets worth of £ 25000 or more.
Investments are seven times higher than the UK’s national average
The survey has been conducted by a London based law firm Michelmores LLP. It discovers that one in five persons (20%) of them have invested in Bitcoin and cryptocurrencies. These investment figures exceed seven times higher than the investments of the common population in cryptocurrencies. A recent survey by the Financial Conduct Authority (FCA) revealed these figures as low as 3 % of the total population.
This is being observed as a positive indication that the millennials are switching towards a new form of investments embracing the risks involved in it rather than sticking to the old and safe mechanism.
Interestingly the figures reveal that 70 % of this generation claims that their assets have been sourced from their own earnings from salaries. 40% of the respondents generated their earnings from other investments.
Most astonishingly, the research exposes that the traditional investment options are more popular among this generation. Highest investments have been witnessed in shares (37 %), annuities or pensions (37%) and stocks (35%).
Despite the risks involved, investments in cryptocurrencies display higher integrity and comfort with the online trading market. 35 % of investments are being done by using an electronic platform, whereas 27% preferred consultation from social media trading platforms or with the support of digital trading communities.
Richard Cobb, a partner in Private Wealth Team of Michelmores LLP, states,
There are many stereotypes attached to millennials – whether it’s that they spend their money frivolously or that they are overly reliant on the Bank of Mum and Dad long into adulthood.
Our research challenges these myths, revealing that a significant portion of this generation who have £25,000 or more have amassed these assets themselves.
Though the growing trend in the UK is positive, it still lacks the extensive response from the overall population.
Generation Z is reluctant to invest in cryptocurrency?
Another recent survey by Business Insider reveals that 52% of Gen X (4 -24 years) are not willing to buy the digital coins.
Owing to the global scenario, another recent survey by Kaspersky Lab discloses that 20% of the world’s population has already invested into cryptocurrency and additionally 14 % are all set to embrace this new technological asset.