Man, young and a little too confident: the Consob indentikit of the crypto investor
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Man, young and a little overconfident: this is the profile of the cryptocurrency investor. The topic was tackled, with an unprecedented in-depth study, during the Consob seminar dedicated to digitization issues, as emerges from the report on the investment choices of Italian households (presented on 26 January). During the meeting, the Consob commissioner, Paolo Ciocca, illustrated the issues of digitization in relation to the tasks of the sector authorities. «The evolution of the financial markets – stated Ciocca – is increasingly characterized by the use of digital and disintermediated services, accompanied by social media. And this is especially true for the new generations. These transformations urgently require a change of model by the regulators who must adapt to the new market structures and the changed attitudes of the operators with the aim of guaranteeing transparency and investor protection also in the new ecosystem. Crucial in this regard is the role of financial education which must also adapt to the changing context». A context which, according to the commissioner, risks making obsolete even debates that are currently held such as the one on inducements, which speak of a world that risks being supplanted by the digitization of the market.
The crypto investor
Returning to the topic of the crypto investor, the analysis offered by Consob is based on an in-depth study of the data from the survey on investment choices. According to Nadia Linciano, head of economic studies at Consob, among those who show interest in cryptocurrencies, 84% are men, with reduced risk aversion compared to those who are not interested (50% against 74) and with less aversion to losses (17% against 35 of those not interested), a fact that can also be explained by their young age, perhaps in that bracket the income is not yet destined for a series of family needs and therefore managed more easily.
The knowledge available
An important fact is that in 35% of cases they are subjects who estimate they have greater knowledge than they really do (overconfidence). Another interesting element is that they have less general financial knowledge than those who are not interested (31 against 53% of cases), less knowledge of digital security (40% against 52% of those who are not interested), but have greater skills in subject of digital finance. Furthermore, they make little use of the financial advisory service (19% of cases against 43 of those who are not interested) and are less able to save regularly (it happens in 36 percent of those interested while it rises to 44 for those who say they are not interested).
The trader
On the other hand, the subject interested in online trading is more equipped. Here too Consob compared the subjects who claimed to be interested in online trading and those who were not (the surveys were carried out in the summer of 2022). The “trader” has greater knowledge of financial products than those with no interest (52% against 37), greater knowledge of digital security (50 against 47) and is much more aware of digital finance: 81% against 50 of the unaffected. He also has a less do-it-yourself attitude (he is open to advice in 32% of cases against 39 of those who are not interested) and saves regularly in 40% of cases (against 44 of those who are not interested).
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