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P2P lending is being taken over by Millennials

Alternative lending observes a continuously increasing number of Millennials and Generation Z. According to the Latvian P2P platform Robo.cash, this tendency is supported by the interest of young investors in a simple and comfortable source of additional income and the positive experience gained at the existing peer-to-peer platforms.

Against stagnating interest rates on deposits and cautious lending policies of banks, alternative lending is attracting a greater attention of investors and borrowers among the younger generation, who are used to digital technologies and consider P2P platforms as a profitable and comfortable financial tool.

The own data of Robo.cash show that Millennials are steadily taking over the leading position from the older generation of investors. Six months ago, the average age of investors of the platform was 38 years, and the age groups were distributed as follows: Silent generation (73-90) — 0.8%; Baby boomers (54-72) — 9.5%; Generation X (38-53) — 38.6%; Millennials (22-37) — 50.3% and Generation Z (18-21) — 0.8%. Today, the typical investor has grown younger to 37 years old due to the increased share of Millennials — 53.9% and Generation Z — 1.8%.

At the same time, tactics used by investors can be classified by several basic types having the same goal to maximize profit. For example, beginning investors usually allocate spare money less than 1.000 Euro, and experienced investors planning their budget willingly invest larger amounts. This is confirmed by the average size of investments in different age groups: 18-21 years — 670€, 22-37 years — 1.939€, 38-53 years — 3.488€, over 54 years — 4.907€.

“The growing demand for P2P lending and the increased share of the younger generation prove the potential for alternative lending in Europe. It is evident that the interest of investors, particularly young, in a simple and comfortable source of additional income and positive experience gained at the existing P2P platforms will have a significant impact on the future development of the industry,” — commented Sergey Sedov, Founder and CEO of Robo.cash.

2018-05-23