The growing popularity of Cryptocurrencies has caught the grip of New Zealand. According to a survey, one in five citizens in New Zealand have either plan to or have already, put money into digital assets. The poll alsorevealed that younger generations tend to adopt micro-investing platforms much better than older generations.
According to a survey conducted by conducted by the Financial Services Council (FSC), 40% of Kiwis are using micro-investing platforms. The poll also suggests that over half of New Zealanders aged 18-40 years old have either used cryptocurrencies. This happens to be a 7% increase since March 2020, the report noted. Crypto investors have increasedto 9.5% from 3% in the time frame of March 2020 and April 2021.
According to FSC Chief Executive Richard Klipinwas of the view that he is pleasantly surprised that that since 2020 New Zealand has followed the global trend towards investing in shares and in cryptocurrencies. Highlighting the increase, Kiplin said that there has been an incredible rise in digital investors in the last 18 months. The percentage figure corresponds to 1.5 million New Zealand residents and reflects a transformational shift in how we are choosing to invest our money.
Klipinfurther explained that younger New Zealanders have been quicker to adopt the change with almost 55% of them under 39 years. Besides there is also a substantial increase in stock investments and international investment. While almost 23% to 30% for respondents are holding New Zealand shares, others are those with international share investments.
Many Kiwis still worried about the Security of New Investment Platforms
Having said that, many New Zealanders are still hesitant to go full on into cryptocurrencies. Therefore, many still trust the traditional mode such as online banking, card payments etc. At the same time, less than half of the respondents are open to use newer technologies such as digital wallets like Apple Pay and Google Pay.
The survey has observed that majority of those polled pointed to the risks of online fraud, identity theft, and scams that could result in financial losses. Kiplin believes that it is crucial for the financial institutions to keep a tab on these frauds and need to strengthen the regulatory aspect of the banks in order to keep pace with the industry.
Covid-19 accelerating digital adoption
Covid-19 pandemic too has played a big part in changing the mindset of the people. People have realized the ease of access that tech provides makes investment more appealing for people. Another reason observed for was the use of micro-investing platforms. The ease of it is also a major motivation factor for Kiwis to adopt cryptocurrencies.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.