Young generation using crypto to get on the property ladder

Young Brits have it a lot harder than previous generations – in fact house prices have increased by 1010% since their parents were buying homes, so Gen Z have had to come up with ingenious ways to save up enough money to get on the property ladder.

Today Luno releases data showing that more than one in ten (13%) young Britons aged between 18-34 have already invested in cryptocurrencies. When asked what it would be used for, over half (56%) of 18-24s and a third (36%) of 25–35s say that it would fund a deposit for a home. But it seems Britons as a whole are a bit less prepared, with
one in three (31%) admitting they have no investment plan despite the last 18 months of financial chaos.

The average house price in the UK costs eight times the average wage and the interest rate on traditional savings accounts have been negligible for over a decade. It’s no surprise then that young people are looking at cryptocurrencies as a tool to help them save and get on the property ladder.

Aston spoke to financial journalist and TV presenter Jasmine Birtles and Sam Kopelman, country manager for northern Europe at Luno.

Photo by Colin Watts on Unsplash