Investors in Ireland are drawn to digital opportunities that offer better returns and can often find them online, a new survey found. According to the survey, 11% of investors have already bought a digital asset and a quarter of young Irish people rely on cryptocurrencies.
Low interest rates, seeking long term returns are pushing more Irish investors towards alternatives
Investors in the Republic of Ireland are exploring opportunities in the digital space and over half of respondents in a new survey, 56%, say they invest online. An amazing 80% of respondents do this to get better returns on their money in the long run, while nearly half admit that their decisions are influenced by the low interest rates in the traditional banking system.
The survey, the results of which were cited by the national broadcaster RTE and the Irish Independent, also shows that more than one in ten of those surveyed have put money into one or the other crypto asset. The proportion of cryptocurrency investors grows to 25% of 25 to 34 year olds. This group is most open to saving in digital coins like Bitcoin.
At the same time, stocks and shares have emerged as the preferred investment option for 19% of respondents. Government or corporate bonds are the second most popular asset among investors in the country, according to Irish media reports.
The majority of 1,000 people who took part in the study ordered by the Competition and Consumer Protection Commission (CCPC) reported using online resources to find investment-related information (62%). This includes online banking or investment websites, financial news websites, blogs, and social media platforms. The rest, 38%, prefer to speak to an advisor from a bank or other financial institution.
Online investment options are even more popular with Irish investors under 35. 36% of this age group would use a trading platform or a mobile app like Etoro or XTB, while 29% would employ an online financial service provider like Revolut. for example. Only 22% said they invested through a bank or investment company and only 10% said they turned to a broker.
“It is important that consumers understand that investment products can often be complex, so it is important that consumers understand the type of product they are investing in,” commented Grainne Griffin, director of communications at CCPC , the results in the survey. The Commission encourages Irish investors to do their research before spending any money.
Griffin also warned that in addition to the potential for better returns, crypto investments come with higher risks than traditional financial products. Yours is not the first warning of its kind in Ireland. Central bank governor Gabriel Makhlouf is among those who warned people that investing in cryptocurrencies could cause them to lose their money. However, Makhlouf has previously highlighted some of its positives as well, recently praising the “secure, decentralized” crypto technology.
Do you expect the number of crypto investors in Ireland to grow in the future? Let us know in the comment section below.
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