Cryptocurrencies in my pension? Yes please, say 40 per cent of millennials
Nearly half of millennials would like to invest part of their pension in cryptocurrencies, according to a new study shared with City A.M. today.
40 per cent of millennials would add cryptocurrencies to their pension, a CoreData Research study of 500 UK retail investors conducted in March and April found.
The study also revealed that if people are presented with a list of alternative assets to hypothetically add to their pension, about 45 per cent of respondents said they will invest in gold or silver, followed by 33 per cent of respondents who said they will go for residential property.
Generational gap
The researched showed that digital currencies such as Bitcoin hold far less appeal for older generations including Generation X, at 10 per cent, Baby Boomers. around 7 per cent, and the Silent Generation, roughly 10 per cent.
It also showed that about a quarter of respondents said they would invest their pension in frontier markets (24 per cent) and rare earth metals (23 per cent), while about one in five opts for farmland or timber(19 per cent) and medicinal cannabis (18 per cent).
This is followed by vegan products (17 per cent) and cryptocurrencies (15 per cent).
Interestingly, the demand for gold or silver is strongest among the Silent Generation (50 per cent) and Baby Boomers (49 per cent), while millennials have a greater appetite for medicinal cannabis (22 per cent) and frontier markets (28 per cent), the study found.
The study also found that advised investors are more likely than their non-advised counterparts to choose cryptocurrencies (20 per cent advised vs. 8 per cent non-advised).
Finally, a higher percentage of advised investors would add medicinal cannabis to their pensions, 22 per cent advised vs 13 per cent non-advised.