45% of young Brits say their first investment was in crypto - and half of them are using debt to fuel the boom, survey shows
- 45% of young investors in the UK got started with
crypto, an Interactive Investor study shows.
- Bitcoin is the most popular
cryptocurrency, and many are accepting debt to fund their crypto purchases.
- Only a minority are however using crypto to build long-term savings.
Almost half of young UK investors say their first investment was in
45% of 18-29 year olds said their first investment was in crypto, according to the survey. Millennials are some of the most avid investors in crypto as they believe it yields better returns than the traditional asset classes their parents and grandparents have favored.
Bitcoin was by far the most popular cryptocurrency, with one-fifth saying they had purchased stakes in the most widely traded cryptocurrency, according to the Interactive Investor report.
More than half of those who had invested in bitcoin, or meme currency dogecoin, said they had taken on debt to do so. According to the survey, 23% of bitcoin investors used their credit cards to fund their purchases, while 17% used student loans and 16% used a different type of loan.
"Young adults using credit cards, student loans and other forms of debt to invest is a worrying trend." Myron Jobson, a personal finance campaigner at Interactive Investor, said, adding that this could damage young people's credit scores and therefore cause financial obstacles later in life.
Over a longer term horizon, crypto still stacks up favorably. Over a 10-year period, 20% of 18-29 year olds said they preferred to store their savings in the form of cash, with crypto coming in second place at 16% and shares placing third with 14%.
"None of us know what the future holds for cryptocurrency. But we do know that traditional assets have been serving investors for decades, they are far easier to understand, and they spread your risk." he said.
- India’s techies are leaving IT firms in hordes — Here’s why
- Elon Musk’s puppy, a new strategy to burn tokens, and altcoins playing catch up — the perfect storm for cryptocurrency Shiba Inu to skyrocket
- A renowned female crime novelist who won a million-euro prize in Spain turned out to be three middle-aged men
- India’s central bank imposes ₹1 crore penalty on the country’s biggest lender
- Elon Musk sparks another Shiba Inu rally ‘to the moon’ — other Shiba coins follow suit
- Amazon's campaign encourages customers to thank its associates and share their happiness with frontline teams
- Brazilians bought more than $4 billion in cryptocurrencies this year as the country looks to regulate Bitcoin
- If you are a pensioner, you can submit Jeevan Pramaan sitting at home — Here is what you need to do
- India T20 World cup Jersey
- Photo Editors Apps
- Google Pixel 6 series
- CBSE examdate sheet
- Tata Punch Price
- Punit Goenka
- Motorola Edge 20 Mobile
- Google TV stick vs Amazon Fire TV stick
- Oneplus 9rt smartphone
- Samsung Galaxy M52 review
- vodafone Idea News
- India Coal Crisis
- iPhone 13 vs iPhone 13 mini
- IRCTC Share price
- Maximum Sixes
- Tata Sons