Younger savers increasingly rely on crypto currencies

Crypto-currencies as an investment good are becoming more popular among Swiss savers. Young people in particular are increasingly venturing into Bitcoin and Co.

This is shown by a survey conducted by the market research institute Intervista on behalf of Migros Bank. The survey questioned 1500 people from all parts of the country about their savings habits.

Currently, 7 percent of savers between the ages of 18 and 55 rely on crypto-currencies for their investments. Among the youngest respondents between 18 and 29 years, 13 percent said that Bitcoins and other digital currencies will become even more important for them in the future. In addition, 7 percent of those aged 30 to 55 want to continue to invest in crypto currencies in the future.

In the group of people over 55 years of age, only 0.5 percent shared this opinion. Currently, only one in a hundred savers in this age group owns Bitcoins or related currencies.

As the survey shows, younger people are generally poorly informed about alternative investments. For example, almost two-thirds of 18- to 29-year-olds would leave their money on a savings account, even though it hardly pays any interest.

Nearly half believe they don’t have enough money

More than half said the reason for this was that they were not sufficiently familiar with financial market investments. 48 percent believe they do not have enough assets to invest. In addition, one in three respondents between the ages of 18 and 29 is afraid of making the wrong investments.

More than two-thirds of respondents between the ages of 18 and 29 stated that they save less than 1000 francs a month. Among the 30 to 55-year-olds, this proportion was only just over half, and 61 percent of respondents aged 55 and over.

So while the younger generation is saving less, they are putting money aside more often. 92 percent of the 18 to 29-year-olds and 93 percent of the 30 to 55-year-olds stated that they save money regularly. By contrast, only 80 percent of older respondents put money aside more often.

Saving for retirement is not particularly important for young people (8%), while for the over-30s it is the primary savings goal for one in four people.

Younger respondents have a preference for saving for travel (18%), a house or apartment of their own (16%). 12% simply want to put on a financial cushion and every tenth person saves to buy a consumer good. 62 percent of young savers have no precise idea of the amount they are putting aside.