Millennial investors are prioritising key technologies far more than their older counterparts, with artificial intelligence leading the way.
According to a UK-wide study conducted by the UK Business Angels Association, investors aged 18 – 34 consider AI far more important to investments than those who are older. 69% of millennial investors prioritise AI, compared to just 40% of investors of all ages.
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Millennial investors also consider several other emerging technologies important, including drone technology, which 64% prioritise, and cryptocurrencies, which 58% favour.
Virtual reality ranked less well, at 35%, followed by driverless cars, 32% and blockchain technology, 17%.
Millennial investors look to data
It is not just the technologies that millennials prioritise compared to their older counterparts.
When deciding whether to invest in a business, millennials are far more conscious of data collection. Just a third – 35% – of all investors consider a business being underpinned by data collection to be important. However, among millennials this figure rises to 59%.
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By GlobalDataIn the retail sector this is particularly important: 70% of millennials consider data-driven retail to be important in their investment choices.
Meet the millennial investor
This research provides greater insight into an emerging investor group that will play an increasingly vital role in the wider investment environment.
Previous research in the US by Fidelity has found that millennials are more conservative with their investments than their older counterparts. 42% were found to be investing conservatively, compared to 38% of generation X and 23% of baby boomers.
They are also considered to be more socially conscious, with 33% planning to incorporate environmental, social and governance standards into their investment choices.
Importantly, millennials will have a significant investment pot to work with. In the US alone, $30tn of assets are set to be passed down from baby boomers to millennials and members of generation X by 2050.
