More than half of 18 to 24-year-olds in the UK are already in the habit of investing, according to a survey by HSBC UK. The research, which polled over 2,000 people across the country, found that 56% of this age group regularly invest.
The survey revealed that many young adults begin considering investment early in life. Over a third (34%) of those aged 18 to 24 said they started thinking about investing between the ages of 16 and 18, while 16% considered it before the age of 16. In contrast, only 4% of those aged 55 and above had considered investing before turning 18.
Younger investors are also more likely to rely on guidance from family and friends. Some 54% of 18 to 24-year-olds said input from loved ones played a leading role in their investment decisions, compared with an average of 41% across all age groups. Online educational content is valued by 35% of respondents overall, while 22% use social media to learn about investing.
HSBC UK has updated its digital wealth offering, launching over 250 new funds on its app and a wealth select list to help customers simplify fund choices. Xian Chan, head of wealth at HSBC UK, commented: “Our research shows that young people are highly engaged with investing and planning for their long-term financial future much earlier in life than previous generations.”
The Financial Conduct Authority (FCA) recently launched an advertising campaign to promote its firm checker tool, which helps consumers avoid scams when making investment decisions.
