A new study by the Association of Investment Companies (AIC) has found that young people are more aware of cryptocurrency as an investment option than any other type of investment.
The study, which surveyed non-investors aged between 20 and 40, found that seven in ten young people (70%) are aware of cryptocurrency, ranking well ahead of individual stocks and shares (59%), premium bonds (49%), bonds (43%), investment funds (23%), forex (21%), investment trusts (18%) and investments through crowdfunding platforms (also 18%).
The study also found that young people are more likely to be interested in investing in cryptocurrency than other types of investments. When asked if they were interested in investing in any of the following, cryptocurrency was the most popular choice, with 42% of young people saying they were interested, compared to 37% who were interested in individual stocks and shares and 34% who were interested in investment funds.
There are a number of reasons why young people may be more aware of and interested in cryptocurrency than other types of investments. One reason is that cryptocurrency is a relatively new and exciting investment option. Another reason is that cryptocurrency is often seen as a way to make quick money. However, it is important to remember that cryptocurrency is also a high-risk investment, and there is no guarantee that you will make money.
Most young people look online for information on money and finances. Using Google or an online search is by far the most popular way of finding out more (40% of respondents), alongside Instagram (19%), YouTube (18%), websites in general (13%), Facebook(13%), Twitter (8%), TikTok(8%), LinkedIn (4%) and Reddit (4%).
Talking to friends and family is also popular. Over a quarter of respondents (28%) go to friends for information on money and finances, 20% ask their parents, 23% go to other family members and 7% quiz their colleagues.
If you are considering investing in cryptocurrency, it is important to do your research and understand the risks involved. You should also only invest money that you can afford to lose.
Things to consider before investing in cryptocurrency:
- Cryptocurrency is a high-risk investment. The value of cryptocurrency can fluctuate wildly, and there is no guarantee that you will make money.
- You should only invest money that you can afford to lose. If you lose money on cryptocurrency, it should not put you in financial difficulty.
- Do your research. Before you invest in cryptocurrency, make sure you understand how it works and the risks involved.
- Use a reputable exchange. When you buy or sell cryptocurrency, make sure you use a reputable exchange.
- Keep your coins safe. Once you have bought cryptocurrency, make sure you keep it safe. You can do this by storing it in a cold wallet or a hardware wallet.
If you are considering investing in cryptocurrency, be sure to do your research and understand the risks involved. By taking the time to learn about cryptocurrency, you can protect yourself from financial loss and ensure that you are making an informed decision.