Survey: 1 in 10 Irish Investors, Quarter of Young People Hold Cryptocurrencies
Investors in Ireland are attracted to digital opportunities offering better returns and often find them online, a new survey has indicated. According to the poll, 11% of investors have already bought a digital asset and a quarter of the young Irish are betting on cryptocurrencies.
Low Interest Rates, Search for Long-Term Returns Push More Irish Investors Toward Alternatives
Investors in the Republic of Ireland are exploring opportunities in the digital space and over half of the participants in a new survey, 56%, say they make investments online. A staggering 80% of the respondents do it to achieve better long-term returns on their money while almost half admit their decisions are influenced by the low interest rates in the traditional banking system.
The poll, the results of which have been quoted by the national broadcaster RTE and the Irish Independent, also shows that more than one in 10 of those questioned have put money into one crypto asset or another. The share of cryptocurrency investors grows to 25% of people aged 25 – 34. This group is the most open to saving in digital coins like bitcoin.
At the same time, stocks and shares have turned out to be the most preferred investment option for 19% of those surveyed. Government or corporate bonds, the Irish media reports reveal, are the second most popular asset among investors in the country.
The majority of 1,000 people who took part in the study, ordered by the Competition and Consumer Protection Commission (CCPC), stated they use online resources to find investment-related information (62%). Among these are online banking or investment websites, financial news sites, blogs, and social media platforms. The rest, 38%, prefer to talk to an advisor from a bank or other financial institution.
Online investing options are even more popular among Irish investors under 35. Of this age group, 36% said they would use a trading platform or a mobile app such as Etoro or XTB, while 29% would employ an online financial services provider like Revolut, for example. Only 22% admitted they would invest through a bank or an investment company, and just 10% said they would refer to a broker.
“It is important that consumers are aware that investment products can often be highly complex, so it is essential consumers understand the type of product they are investing in,” said Grainne Griffin, Director of Communications at the CCPC, commenting on the findings in the survey. The commission is urging Irish investors to do their due research before spending any funds.
Griffin also warned that along with the potential for better returns, crypto investments come with higher risks than traditional financial products. Hers is not the first such warning issued in Ireland, with Central Bank Governor Gabriel Makhlouf being among those who have cautioned people that they could lose their money when investing in cryptocurrencies. However, Makhlouf has previously highlighted some of their positives as well, recently praising the “secure, decentralised” crypto technology.
Do you expect the number of crypto investors in Ireland to grow in the future? Let us know in the comments section below.