In most countries, the young people are considered to be “lazy” in investing while the older generation takes control of the investment opportunities available. But according to a new research, millennials are the largest crypto investors while about 24% of those surveyed in the UK regret not investing in cryptocurrencies.
This has been revealed by a new study carried out in Seoul by Korea Financial Investors Protection Foundation. The survey as reported by Yonhap, a news agency in Korea on 7th March 2018, indicated that the younger generation is more active in cryptocurrency trading than their parents.
The Survey comprised of 2530 participants within the ages of 25-64 years. Among those surveyed, 22.7%, who were in their 20s admitted being in possession of digital currency. Those in their 30s formed 19.3% closing the young age group at 12% who were in their 40s.The older generation in their 50s formed 8.2 percent and those in their 60s closing the survey at 10.5%.
Although the younger generation is the most active and forms the lager part of cryptocurrency investors, the older generation takes the medal for spending the largest amount in crypto investments. The investment by the older generation rose to an average of 6.6M won, those in their 50s invested an average of 6.3 million and those in their 40s investing close to 4M won.Those in their twenties averaged 29.3M won with those at their 30s closing the investment gap at an average of 3.7M won.
These statistics showing that millennials are the largest crypto investors, not a surprise. In late December last year, a survey by LBX, a cryptocurrency exchange in London found that the young generation is embracing digital money because they don’t feel at ease with traditional ways of investing such as government bonds, shares, pensions, and property.
According to the survey comprising of 2000 people, those aged below 35 years have already invested in the cryptos and another 11 percent were seriously considering to be cryptocurrency investors. 24% of those below 35 years regret not investing in digital money in its early stages.
“This study underlines the gulf between the younger generation’s view of money and that of their parents and grandparents, who had assets perform so well for them in pensions or property” noted LBX CEO, Benjamin Dives, adding that “Millennials clearly feel left behind by the old system and are looking at cryptocurrencies as a new dawn,”
“Millennials began their income generating years during the fallout from the 2008 financial crisis, and many don’t completely trust traditional financial services firms or the system in which they operate,” said Garrick Hileman, cryptocurrency expert, Cambridge University.
Results from this survey are also similar to the one carried out by John McAfee in a twitter poll on the 7th of February this year where 49% of crypto investors where aged between 18 and 30.
Do you think more of the older generation will embrace digital money like bitcoin? Let us know in the comments section.
By Philip Maina @ crypto-lines.com