One in five millennials (20 percent) have invested in cryptocurrency, according to new survey results.
As part of the survey, UK law firm Michelmores surveyed 500 affluent millennials – arguably a low amount – with investable assets of £25,000 or more about their approach and attitudes to money, work, investing, and lifestyle.
The research shows that traditional forms of investment continue to be popular, with most rich youngsters investing in shares (37 percent), pensions or annuities (37 percent), or stocks (35 percent).
Similarly, at least a quarter of those surveyed said they had invested in life insurance (30 percent), investment trusts (25 percent) or fixed income securities (23 percent).
Interestingly, and despite the commonly held notion that affluent millennials have a preference for impact investments, their incidence of investing in sustainable or social investment funds is relatively low – with just 16 percent of respondents saying they have done so.
On the other hand, one in 10 (11 percent) have engaged in peer-to-peer lending.
“The survey result that 20 percent of those interviewed have invested in cryptocurrencies contrasts with a recent survey by the [Financial Conduct Authority] FCA which suggested a figure of 3 percent across the general population,” said Andrew Oldland QC, a senior partner at Michelmores.
This, he added, suggests a willingness amongst millennials (wealthy ones at least) to move away from traditional forms of investment and to embrace new technologies, almost regardless of the risks.
I wish I had better news for you, but the survey findings generally fall in line with widely held assumptions about the cryptocurrency and blockchain industry: it’s still niche and most people aren’t investing in it.