2 days Ago By Irishexaminer.com
The amount of young people in Ireland using Revolut to make investments has risen by 17% in the three months ending in June this year, with those aged 18-34 comprising 57% of the fintech's Irish investment customer base. New data from Revolut's European investment firm has identified a considerable rise in the number of young investors across Ireland and further afield, with young millennials and Gen Z beginning to invest at a younger age than any generation before them. The growing fintech also noted that one in every four customers in the European Economic Area (EEA) who started to put money into the investment firm in the first half of 2024 said they were new to investing.
Investments into Money Market Funds (MMFs) made up nearly two-thirds of the country’s youngsters' investment portfolios, with other financial instruments such as stocks and ETFs accounting for 16% respectively, while bonds were traded by just 6% of young investors in Ireland. However, Revolut noted that Irish appetite for investing still lags behind other European countries, with the average portfolio size of all of the firm's investing customers in Ireland is more than €2,600, compared to the company's EEA-wide average of €4,000. Revolut’s youngest investors, defined as those aged 18-24, tended to start out by investing much smaller amounts in Ireland, the fintech said, with the average size of their portfolios around €400, while those aged 25-34 typically had around €1,300 invested.
In terms of the most popular assets among young investors, most recently in July, the most-traded US stock, measured by the most bought and most sold assets, was American tech giant Nvidia, currently dominating the markets owing to its recent advances in AI. Meanwhile, the most bought ETF in Ireland was the Vanguard S&P 500, while the most sold was the Dow Jones Global Titans 50 index. The top moving EU stock was German battery manufacturer VARTA AG.
“The unprecedented level of interest in investing among our younger customers marks a significant shift in the financial landscape," said Rolandas Juteika, Head of Wealth and Trading (EEA). "This generation is much more involved in finance, with a strong focus on education.".
