Generation Z And Millennials Are Starting To Invest in Gold
Two categories of young people from the United Kingdom - the so-called "Generation Z" and "millennials" - are starting to invest in gold in these troubled times.
More exactly, The Royal Mint announced that the increase in gold investment was driven by young people of Generation Z (born between 1995 and 2012) and millennials (born between 1980 and 1995), who increased their purchases by 38% and 29% respectively in 2022, according to Sky News.
It seems that today's young people, influenced by a world full of new technologies, are outpacing their parents and grandparents more readily than in earlier times. Thus, millennials and Generation Z in the UK invested heavily in gold last year, 2022.
Young People Are Investing In Gold
Younger buyers are behind a jump in gold investment recorded by the Royal Mint, which has come despite wider financial market uncertainty.
The Royal Mint saw a 26% year-on-year increase in the volume of gold investments made last year, while gold bullion investments rose 33.5% over the same period.
The increase was driven by Generation Z and millennials, with purchases from these customer groups up 38% and 29% respectively.
Young people from Generation Z are those born in the late 1990s or early 2000s, while millennials were born between the early 1980s and mid-1990s, with the oldest becoming adults at the end of the millennium.
More And More People Want To Invest In Gold
The figures come as consumers cut back on spending due to the cost-of-living crisis. According to a survey of more than 2,000 UK investors, almost a quarter (23%) are looking to invest in gold this year.
Asked about the investments they were planning this year, young Generation Z and millennials said gold was the second most popular after stocks and funds.
And 16% of investors who had not previously invested in precious metals planned to do so in the future. The survey was commissioned by The Royal Mint and executed by Census wide in the United Kingdom.