According to new research, millennials are backing Bitcoin as a better investment than relying on house price growth to increase personal wealth.
The research, among 3,000 millennials (those aged 21-35), found three-quarters say they believe there are more rewarding investments to be made than putting money into property, with Bitcoin seen as a better investment by 21% of them. 57% of millennials described investing in property as “high risk”. The research comes from build-to-rent developer Get Living.
We think investing is highly personal to your specific circumstances. Although the research may be true for this particular age group, Bitcoin isn’t right for everyone, due to your individual tolerance for risk and timescale for seeing a return. The research itself is from a ‘build to rent’ developer, who help individuals to find their perfect ‘rental’ property. It is fair to say that for many millennials owning a property isn’t at the top of their financial priorities. It is tough to say whether that is due to a cultural change in our society or a now unrealistic goal that many young people feel is unattainable. We can say however that we are all at different stages in our live with different financial goals and all have unique priorities and preferences.
The research highlights the need to look at information objectively and the need to seek financial advice that is bespoke to you. Investments such as Bitcoin have disrupted the face of the financial markets, surged on partly by the fear of missing it. Does this wrongly inflate the price of Crypto-currency?
Crypto-currency may be an ideal fit for your investment portfolio, however it is crucial to not get swept along in the euphoria and make emotional decisions when it comes to money.
If you would like to discuss any aspect of personal finance or investing please get in touch with us on 01302 244 977.Publish date: 27th July 2018