South Korean Seniors Investing in Cryptocurrencies Than Younger Folks
It’s widely believed around the world that people over the age of 40 aren’t necessarily the most enthusiastic about cryptocurrencies.
Surveys like the one conducted by LendEDU at the beginning of November last year demonstrate about as much, with people aged 25 to 34 generally being the most interested in investing in cryptocurrencies like Ether.
Although a new survey in South Korea, conducted by the Korean Financial Investors Protection Foundation, shows a similar trend—with people in their 20s being the most active in cryptocurrency trading—it also shows that seniors tend to invest larger amounts of money in the market.
The survey, which consisted of over 2,530 adults between the ages of 25 and 64, shows that nearly a quarter of all individuals in their mid to late 20s have invested some money in the cryptocurrency market.
The percentage begins to plateau once we reach people in their 40s and 50s, with only 12 and 8 percent of them showing any investment interest, respectively.
However, the number begins to rise in the demographic aged 60 and above, with 11% of them dipping into their coffers to buy sweet digital coins.
Even more interestingly, people in their 60s also tend to invest a lot more, with the average being above $6,000 (6.59 million won)
No other age group invests nearly as much, although people in their 50s come very close (6.29 million won).
It appears that the foundation conducting the study is concerned about seniors not fully understanding the risks of dipping their retirement savings into cryptocurrencies.
“The older the investor, the larger the investment. There’s a need for older investors to not lose their retirement savings on cryptocurrency investments,” said Kwon Soon-chae, a senior analyst at KFIPF.
Eventually, findings like these might lead the South Korean government to step in and enact measures to properly warn older citizens of the risks involved in cryptocurrency investments.
It’s worth noting that the country just recently got out of a market panic when the government was considering banning exchanges altogether due to concerns regarding criminal activity and the speculative frenzy that was gripping the peninsula state.