Young Singaporeans keen to invest in crypto

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Updated November 23, 2022 | Published November 23, 2022

2 mins read

Almost 40% of millennials and gen Z are likely to invest in crypto in the coming 12 months.

Singaporean bank the Oversea-Chinese Banking Corporation (OCBC) has uncovered an  increased interest towards crypto, especially in younger groups, as well as an increase in gambling beyond their means.

The Index’s result for 2022 was 61, dipping one point compared to its 62 points in 2021, putting the country back to the 2020 result, which was during the height of the pandemic.

The OCBC Financial Wellness Index 2022 surveyed about 2000 Singaporean adults from different age groups, ranging from 21 to 65.

There are ten main pillars which OCBC’s Index looks at – five that give points for good financial virtues and five that take points away for “undesirable financial habits”.

The scale is from 0 to 100, and the ideal score that the bank’s financial experts have set is 86 points. The highest bracket starts at 75%.

According to the report, the results of the survey showed that “39% of crypto owners that are their 20s are likely to invest more in the next 12 months”.

This is despite the downturn the crypto market experienced in 2022, and also despite the fact that the group aged 21 to 39 was hit the hardest, scoring 42% of overall loss in their investments, which were presumably mostly crypto and other “high-risk” assets.

The same age group also has the highest percentage of respondents that have said they have a “side hustle” – 66%. This drops to just 36% with the eldest age group – those between 55 and 65.

A total of 48% of respondents in the survey have acknowledged they gamble more than they can afford to lose – a 5% increase compared to last year.

This is line with the general increase in Singaporeans’ appetite for taking higher risks in pursuit of quick gains.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Kyamil Nasuf

Reporter

Kyamil is a big tech fan, who loves hummus on everything and has enjoyed writing from a young age. He's had experience in writing anything from essays, through personal art, to news pieces and more serious tech analysis. In recent years he’s found fintech and gambling collide with all his interests, so he truly is a great fit to our team.
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