Millennials plough their savings into cryptocurrency

Millennials are leading the charge in cryptocurrency investing, piling their savings into bitcoin and other digital currencies in ever-growing numbers.

One-in-five Millennials – those aged between 25 and 40 – now own cryptocurrency, a new survey reveals. Almost half of those polled also made their first investment in the sharemarket last year, fuelled by soaring interest by younger people during the COVID-19 pandemic.

More free time during lockdowns and the increasing prevalence of social media driven “meme” investing are cited as contributing to the surge in young investor interest.

Just over one-third of the Millennials polled revealed that family and friends are their largest sources of investing information.

The survey of more than 1000 investors by fund manager Vanguard Australia shows millennials are the biggest demographic group that own crypto assets – and they have been handsomely rewarded for their purchases over the past year.

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Source: Millennials plough their savings into cryptocurrency