- The research revealed that youngsters take their investments seriously and prefer electronic trading platforms.
- 40% of the study group showed that the source of their wealth was investment returns.
A British firm named Michelmores LLP recently studied affluent millennials - people born between 1981 and 1996 with investable assets of £25,000 ($31,000) or more. The research revealed that 20% of the participants have invested in cryptocurrency, such as Bitcoin. This far surpasses the national average of 3%, and even rises to 29% for millennials with more than £75,000 ($93,000) worth of investable assets.
The study also revealed that millennials take their investments seriously and are more likely to engage with crypto exchanges and invest firms digitally. 35% said that they invested through electronic and online platforms. 27% said that they consulted social trading platforms and e-communities of traders.
Previous generations of young people did not seem to have much regard for establishment ideas like investments. However, the study has shown that 70% of the interviewed people admitted that their wealth came from salary and wages, whereas 40% was through investment returns.
Andrew Oldland QC, senior partner at Michelmores 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.”