Generational differences in investment behaviour among consumers in Ireland has been highlighted in a survey by Banking & Payments Federation Ireland.

It found that younger people more likely to invest in cryptocurrencies and invest online, and under 35s are more likely to seek information about investments through informal channels such social media or friends and family.

The findings, which show that one in three adults in Ireland have some form of investment, also reveals that one in five younger people hold cryptocurrencies such as bitcoin or Ethereum.

BPFI said it is concerning that one in five consumers who hold investments said they did not closely monitor their investments with 16% indicating they did not understand the fees and taxes they needed to pay for their investments.

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"Across all age categories however, we see that Irish investors are conservative in their approach to financial and investment decisions with most considering the level of risk involved and the expected return as the most important factors when considering where to invest," said BPFI Chief Executive, Brian Hayes.

"However, it is a cause for concern that one in five investors indicated that they did not closely monitor the performance of their investment and 16% indicated they did not understand the fees and taxes they needed to pay for their investments."

The survey also found that men are much more likely to hold investments (44%) than women (26%).It found the main types of investment are stocks or shares (held by 15% of adults), investment funds (11%), government or corporate bonds (8%) and cryptocurrencies (8%). Cryptocurrencies are most likely to be held by 18-34 year olds (16%) compared to only 3% of over 55s.

The survey showed that investment funds and government or corporate bonds appeal most to those aged over 55: 17% and 12%, respectively. Stocks and shares appeal to all age groups.

Advisors in brokers or banks and investment companies were the most used sources of information on investing, at 38% and 35%, respectively.

"Investment products can offer a good opportunity to grow your money in the longer term but as investment options continue to diversify it is important make informed decisions, understand the product and monitor its progress," Mr Hayes said.

"In the digital era, there are multiple sources of advice and information which can be helpful but consumers should consider balancing this with professional advice through your bank or broker, not only to help mitigate risk, but also identify the wide range of opportunities that best meet their needs and means."

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Younger people more likely to invest in cryptocurrency BPFI - RTE.ie