Fifth of affluent
millennials have invested in cryptocurrency products
Research by Michelmores LLP into affluent millennials with investable assets of £25,000 or
more today reveals that 20 per cent have invested in cryptocurrency products such as bitcoin – far-surpassing the national average of three per cent. This figure rises to 29 per cent for millennials with more than £75,000 worth of investable assets.
The research also highlights that, far from not taking their financial health seriously, many wealthy millennials have embraced the trend towards digital, independent investing: a third (35 per cent) say they use online or mobile investment apps, while a quarter (27 per cent) consult social trading platforms or e-communities of investors.
Michelmores’ research also shows that 40 per cent say they have made their wealth through general returns on investments, whereas 34 per cent have received their wealth from friends, family or acquaintances – helping to debunk the myth that millennials are over-reliant on the ‘Bank of Mum and Dad.’
Andrew Oldland QC, Senior Partner at Michelmores LLP, commenting on the research, said, “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.
“Investment in, or using, digital technologies is a key part of many affluent millennials’ investment strategies. This reflects a generational shift in approach where younger investors are comfortable with revolutionary new technologies despite the risks and the
unknowns. The figure of between 20 and 29 per cent investing in cryptocurrencies is particularly striking given the well-publicised risks. This attitude, combined with the underlying distributed ledger technology, is rapidly changing the investment world.”