In a recent survey commissioned by the Organisation for Economic Co-operation and Development (OECD) during the spring of 2023, cryptocurrency has claimed the spotlight as the second most favored investment asset among French adults.
The findings, published by France’s primary financial regulator, the Autorité des Marchés Financiers on Nov. 13, unveil a significant trend in investment preferences.
Survey Highlights, Rise of New Investors Amidst Pandemic
According to the survey, a notable 9.4% of the French population actively holds crypto assets. This figure is only marginally trailing behind the leading investment choice, real estate funds, with a share of 10.7%. Delving deeper, the study identifies an additional 2.8% of respondents who possess nonfungible tokens. This further showcases the diverse landscape of digital assets gaining traction.
A noteworthy aspect of the survey is the exploration of the group termed “new investors.” These are those who entered the investment arena since the onset of the COVID-19 pandemic in March 2020.
Notably, this cohort, predominantly comprising men (64%), boasts a significantly younger average age of 36. This is in contrast to the more traditional investors averaging 51 years. Intriguingly, 54% of these new investors are actively involved in the crypto space.
Financial Knowledge Disparities
The survey’s authors shed light on a pertinent observation regarding the “new investors”. This is that they tend to possess a relatively low level of financial knowledge. This knowledge gap is particularly pronounced among the youngest age group, 18–24, who displayed a higher likelihood of providing incorrect answers about fundamental investment strategies compared to their more seasoned counterparts.
Conducted among 1,056 respondents during the spring of 2023, the survey incorporates 40 in-depth interviews to explore participants’ needs and motivations. This comprehensive approach provides a nuanced understanding of the evolving landscape of investments in France.
France’s Strategic Position in the Digital Economy
As France actively pursues a leadership role in the European digital economy, recent initiatives underscore the commitment to innovation. In September, telecommunications group Iliad announced a substantial investment of 100 million euros ($106 million) to establish an “excellence lab” dedicated to artificial intelligence research in Paris.