A recent survey has revealed a major shift in the financial habits of French citizens, with younger demographics markedly favoring digital assets and alternative investment methods like cryptocurrencies.
The poll found that 9% of respondents owned cryptocurrencies, more than triple the 2% holding ETFs and outpacing the 7% with traditional stock investments. This surge in crypto signals a transformation in France’s investment landscape, likely accelerated by the COVID-19 pandemic’s impact.
The profile of these new crypto investors appears to be young, tech-savvy males, with a strong preference for cryptocurrencies and NFTs over traditional options. Interestingly, these investors tend to rely on social media and peer recommendations rather than seeking advice from financial professionals.
The survey also indicated a growing interest in online gambling and sports betting among these investors.
Furthermore, the survey disclosed that most young investors, especially in the 18–24 age group, have displayed a limited understanding of key concepts like portfolio diversification, inflation, and risk management, as many of them only aim for quick financial gains without improving their financial education.