One in ten young people already invest their money in cryptocurrencies

More than half of young people who work do not save even 50% of their salary

Only 48% of young people who work say they save half or more of their salary, while the percentage that says they save at least half of their salary is 42% and those who confess not saving anything of their salary or their paid are around 7%. According to data published this Monday by this foundation on the occasion of Financial Education Day, nine out of ten young people surveyed (89%) have at least one bank account and some physical card, so they tend to “run away” from cash. Only three out of ten young people between the ages of 18 and 24 (29%) with their own bank card say they prefer to pay for purchases with money, coinciding with the percentage of those who prefer to pay with a mobile phone (29%). Nevertheless, the majority (42%) are inclined to use the card.

Among young people between the ages of 25 and 29, the use of “virtual and plastic money” is more evident , especially among women in this age group (85% of whom prefer to pay by card or mobile phone, compared to a 15% expressing their preference for cash). Nine out of ten interviewees with a bank account in their name say they use Bizum or some similar application.

Along the same lines, nine out of ten young people between the ages of 18 and 29 have heard of cryptocurrencies, including bitcoin, and 12% of them have invested in this type of asset. Among those who have invested in cryptocurrencies, 71% have dedicated sums below 500 dollars, 22% between 500 and 1,000 dollars, and the remaining 7% more than 1,000 dollars. 61% of those who have not invested in cryptocurrencies “personally know someone who has invested in cryptocurrencies”. However, only 14% state that if they had the possibility to “invest some money in cryptocurrencies”, they would do so.

On the other hand, the money available to young people who study and do not obtain income from work comes from different sources. It is unusual for them to receive money for doing household or family chores or for doing well in school. More frequent is the perception of a periodic payment. Less than half of the young people who dedicate themselves exclusively to studying receive a payment (42%: 15%, weekly, and 27%, monthly). More than half of those who do not receive it (53%) would like to receive it.

Within families, mothers take on a special role in financial education. Asked who represents for them “an example to follow” in matters related to money management, the most frequent answer is “my mother” (38%), with a percentage notably above that referring to the father (25%) or grandparents (7%).

The mother also appears as the most cited response when the interviewees have to indicate the person they would ask for advice on what to do if they received “unexpectedly a significant amount of money, more than 3,000 dollars”. 40% mention the mother, a response that reaches 45% among the interviewees, ten percentage points more than among men (35%), whose most frequent response is “nobody” (42%).

According to the report, 55% of those interviewed (18-29 years old) see their “future in the short and medium term (5-10 years)” with optimism, tripling the proportion of those who see it with pessimism: 18%. (28% choose the answer “neither optimistically nor pessimistically”).

50% of those interviewed between 18 and 24 years old and 54% of those between 25 and 29 years old affirm that “in the more or less near future” they imagine “forming their own family, with children”. The vast majority of those between 18 and 24 years old (85%) would like to form that family before the age of 31; and almost all (96%) those between 25 and 29 years old, before 35 years old. However, they believe that, “realistically”, they will be able to form it later than they wish.

When the interviewees are asked, using a scale from 0 (not at all) to 10 (a lot), to assess to what extent the adjective “thrifty” defines their character, the average of their responses is 7.1. This figure is higher than that given by the answers to the questions referring to adjectives such as “orderly” (6.8), “student” (6.7), “extroverted” (5.7) or “capricious” (4.8). Young peoples consider themselves “savers” to a greater extent than “scholars”, “orderly”, even “extroverted”.

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