Tech-savvy Millennials lead the way with online investment platforms
Millennials are using their knowledge of technology and social media platforms to seek out new online investment platforms, according to a report from peer-to-peer (P2P) business lending platform ArchOver.
The report, entitled Next Gen: Investors and Savers, questioned 2,000 UK adults on how they feel about risk and investment in the current climate and found that more than 65 per cent are savers, with these respondents choosing banking methods such as savings accounts and pensions.
The report found that 33 per cent of respondents consider themselves investors, with these choosing riskier methods such as stocks, shares and property to grow investments.
Millennials aged 18 to 34 were found to be the biggest savers, with 35 per cent saving or investing over £250 each month, compared to 26 per cent of Generation X (35 to 54-year-olds) and 25 per cent of Baby Boomers (over 55s).
More than half (59 per cent) of Millennial respondents said that they trust technology and use automated services to help them make the best finance decisions, compared to just 40 per cent of Generation X and 24 per cent of Baby Boomer respondents.
The report also found that more Millennials are taking the opportunity to make their investment portfolios diverse, with 44 per cent using P2P platforms and 57 per cent being comfortable with using riskier forms of investment, compared to 16 per cent and 29 per cent of Generation X respondents and just 8 per cent and 14 per cent of Baby Boomers.
ArchOver CEO Angus Dent commented: “Millennials, who grew up during the deepest and longest recession in recent history are proactively looking for ways to balance security and risk in order to maximise returns but without putting their capital in too much danger. In an effort to secure higher yields, they are tackling the difficult financial climate head-on.”