‘Risky’, ‘crypto’ seduce 18-25 year olds looking to save money

73% is nothing. According to an exclusive 20 minute OpinionWay survey with our #MoiJeune* community, 73% of people under 25 are now saving money. And investing in anticipation of the future doesn’t just mean putting money in a savings account: 14% of 18-25 year olds say they own or want to own cryptocurrencies, also called cryptoassets. Thus, even if the youngest will turn mainly to booklet A (82%), booklet for young people (40%) or PEL (29%), they see cryptocurrencies as an attractive new alternative.

This is the case of Andrea, aged 19. This business school student in Bordeaux spends his free time investing about thirty cryptocurrencies. Passionate about finance, the stock market and, above all, “cryptocurrency”, Andrea has been operating with large sums for ten years: “I invest almost an eighth of my savings, which is several thousand euros. »

crisis pillow

First of all, technology, science prompted Andrea to bet on Bitcoin or Ethereum. However, according to a young man contacted by 20 Minutes, “cryptocurrencies” today are a long-term investment as well as a hedge against a crisis. And in the midst of pension reform, when the horizon for the youngest who want to “live in the present” is darkening, 65% of respondents aged 18-25 who took part in our survey are also saving to anticipate difficult situations. While the executive branch defends its pension reform, 22% of contributors surveyed say they are saving money in anticipation of retirement. 51% are sure that they are worried about working until the age of 64 and older.

However, this does not apply to Andrea, who always sees further, wider. “I’m not so worried about this news in France, cut the student. On the other hand, I am concerned about the changes in the international financial market in these unstable times, especially in connection with the war at the gates of Europe. »

Money (not) simple and “financiers”

Asked by 20 Minutes, Claire Castanet, director of AMF (financial market) relationship with savers, based on the 2022 AMF Savings and Investments Barometer, advances that those under 35 save more than other generations: “In 2022, the French were saving monthly in an average of 244 euros. Monthly savings, which has increased slightly since 2017.” For example, reach in 2022 264 euros among people under 35 years old. And if, in the words of Claire Castanet, the amounts invested in cryptocurrencies are “generally much less than in so-called traditional investments,” more and more young people are actually “tempted” by bitcoin and its friends.

Why ? Because the mirage of easy money. “Winning a lot without much effort, with just a few clicks, will not work,” concludes Claire Castanet. “I cringe when I hear those who say that it is easy to make money on crypto assets,” Andrea is outraged. The young man explains that it took almost five years to acquire a fat wallet, and not without difficulty. Betting first a few euros, then tens, hundreds, and now thousands, the student says that he “worked hard to achieve this.” In an effort to withstand the ups and downs of the market.

“Today, young people are very interested in economics and finance, but it is still very risky to increase savings through cryptocurrencies,” says Anne-Claire Bennevo, founder of financial education platform Spak. Particularly because new crypto fans are often informed on social media where false information is common. “There are few serious players or verified content, but a lot of “authorities”. [influenceurs de la finance] “, explains the founder of Spak, while 70% of those surveyed by OpinionWay state that they are “poorly or moderately informed” about cryptocurrencies. “And with leverage, you can lose more than you put in. For example, in the European market, you can lose up to double your stake. But outside the European Union, it can increase up to 400 times,” adds Claire Castanet.

Don’t bet everything on one product

“There needs to be some real outreach on financial education,” says Anne-Claire Bennevo. According to a study conducted by the Spak platform, 38% of those under 35 who seek information from influencers have already been scammed. Last week, the AVI Collective also filed an “organized gang scam” complaint against influencers Mark and Nadia Balta who promised mountains and wonders through NFTs and trading platforms.

“We have had periods of crypto-asset craze that has encouraged scams due to scammers taking advantage of the hype. In 2022, fraudulent offers for crypto assets were the first source of financial scams in France, according to the testimonies of contributors from the AMF,” Claire Castanet further points out. And add: “crypto assets are risky products, unregulated, without legal tender, without price monitoring, unlike, for example, stock transactions. »

Betting on crypto assets to predict your future is a decision, so you still need to acquire a solid financial culture. It is also important to diversify your investments and not bet everything on one product. “Real estate is still a very good investment opportunity. Life insurance and savings books too,” explains Anne-Claire Bennevo. Note that according to the OpinionWay survey from 20 minutes, 37% of the young people surveyed are turning or planning to turn to stocks on the stock market.

“However, investing in the stock market remains just as difficult without knowledge. It’s better to be accompanied by your financial advisor and not improvise,” the Spak founder warns. Before jumping into crypto assets, “it’s better to take a step back,” concludes Claire Castanet, who once again calls for caution: “Before investing in risky products, you should always have enough funds to pay your rent and your workloads. »

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