Tembo, a mortgage broker with a tech focus, has conducted new research that shows 16% of young people aged 22 to 24 expect to invest in NFTs or cryptocurrency over the next five years.
This contrasts with just 10% who intend to save in a pension and 14% who aim to invest in ISAs.
The study, which was based on a survey of 2,003 individuals between the ages of 22 and 30, reveals significant regional and gender investing variations.
Compared to only 7% of women, 19% of males plan to invest in NFTs or cryptocurrency.
In the next five years, more young people plan to invest in NFT or cryptocurrencies in Liverpool (19%), London (17%), and Norwich (20%) than in Belfast (7%), Newcastle (6%) and Southampton (5%).
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The survey also uncovered how social media affects financial choices.
Social media platforms such as TikTok and Instagram are the key source of information about finances and investing for 30% of those polled, rising to one-third (33%) among 22–24-year-olds.
For their financial education, 23% look to family, 22% to financial advisors, and only 5% get it from books.
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Although 60% of investors claim that their goal is to safeguard their financial future, 26% of investors state that their goal is to double or triple their money in a short amount of time.
This percentage rises to 30% among investors aged 22 to 24.
29% of people who were asked what they feared the most in the future answered it was never having their own home.
However, more people (36%) indicated their greatest worry was never having their own family.
The majority of respondents to the study stated that their personal milestones differ from those of their parents.
Only 7% of those asked said they wished to be married, which may be the strongest indicator of this since few people view marriage as a significant life achievement.
56% say it was simpler for their parents’ generation to go on the property ladder, with more than half (51%) believing this is due to better access to credit.
Even while fewer respondents said they anticipated to invest in a pension, more people (38%) said they preferred utilising a pension than any other type of retirement support.
A little more than a quarter (28%) of males aim to pay for their retirement with their own assets (35%) or through property (20%), compared to nearly half (49%) of women who intend to do so.
The cost-of-living problem appears to have had a much greater impact on women’s finances.
61% of women, compared to 40% of men, who have pensions said they were unable to increase their pension contributions due to the necessity to pay for general living expenses.
Richard Dana, founder and CEO, Tembo said: “It is interesting to see how young people think about planning for their financial future, but it is sad to see so many of them fear they will never own their own home. With so much innovation in the mortgage market right now, however, young people may be able to make their home-owning dreams a reality in a way they may not currently realise. Although there is so much information out there about financial planning, it has never been more important to make sure you are getting information from credible sources and being savvy about where you invest your hard-earned cash.”