A new Michelmores LLP survey out today revealed that 20% of affluent millennials in the UK have invested in cryptocurrencies. According to the survey’s methodology, affluent millennials are people born between 1981 and 1996 with investable assets totalling more than £25,000.
Moreover, the study shows that millennials with over £75,000 of investable assets are even more attracted to alternative investment paradigms – 29% opted for cryptocurrency investment strategies.
The survey concludes that wealthy UK millennials are 7 times more likely to invest in crypto compared to the national average crypto investment rate of 3%. Moreover, according to Michelmores LLP millennials tend to take their investment choices more seriously. More than a quarter of respondents have consulted social trading platforms and e-communities seeking investment advice. Michelmores senior partner Andrew Oldland QC, noted:
“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.”
It is not the first study showing that younger generations are more willing to add new asset classes to their portfolios. According to a Bankrate survey, US “millennials picked cryptocurrencies as their top long-term investment about 9 percent of the time – about triple the rate of Generation X.”