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Young UK voters demand ‘cryptocurrencies’ be moved to top of political agenda
- Ahead of the general election, more than a third of young adults believe the growth of the crypto sector should be a key consideration for politicians, with four in ten seeing it as vital to the UK’s economic growth prospects.
- Against a backdrop of growing adoption, a similar percentage (32%) say they have concerns about the future prospects of the sector given a change in government.
Edinburgh and London, Monday 24 June 2024 – More than a third of young adults in the UK believe “cryptocurrencies” are an important election issue, according to new data released today ahead of the upcoming general election.
Research commissioned by Zumo, the B2B digital asset infrastructure, and conducted by Focaldata reveals that 34% of young people aged between 18-24 and 25-34 believe that the growth of the “crypto” sector should be the focus of the attention of the country’s politicians.
A quarter of adults (and 44% in London, a major fintech hub) believe it is important for economic growth for the UK to strengthen its position as a digital asset hub, with the figure rising to four in ten 18-24 year-olds (42%) and 25-34 year-olds (41%).
This sentiment follows recent consultation by the Bank of England and the Financial Conduct Authority (FCA) on a Sandbox for digital titles, which aims to facilitate the use of digital assets in financial markets. In May 2024, the UK’s first ‘crypto’ exchange-traded products (ETPs) were listed on the London Stock Exchange (LSE).
A survey of more than 3,000 British adults conducted by Zumo and public opinion research firm Focaldata also showed that 38% of young people aged between 18 and 24 have invested in “cryptocurrencies”, while 40% ( and 37% of 25-34 year olds) know friends and family who hold “cryptocurrencies”. A similar percentage (39%) of 18- to 24-year-olds (and 37% of 25- to 34-year-olds) see the nascent sector as a path to higher long-term returns on their investments.
However, a third (32%) of both 18-24 and 25-34 year olds say they are now worried about the future prospects of the sector, as a number of crypto-friendly MPs have confirmed that they will withdraw at the elections.
Nick Jones, founder and CEO of Zumo said: “As cryptocurrencies become more widespread, it is clear from our findings that the nation’s young adults want them to rise to the top of the political agenda as well.”
“Given the widespread recent turmoil in the traditional financial system, the UK should support alternative financial solutions, without panicking and comparing them to gambling – as we have seen in recent press coverage. A future resilient financial system should seek to incorporate new ideas and structures that provide added value to consumers.”
“Looking ahead, we look forward to seeing government and regulators working in step with the industry to implement an appropriate regulatory framework that will help the digital asset sector reach its full potential as a growth engine for the economy of the United Kingdom”.
Zumo was the first digital asset platform to integrate the technology requirements of the FCA’s new financial promotions regime for “crypto asset” firms, which came into force in October 2023. This timely response underlined the company’s commitment to adhere to regulatory guidelines and maintain consumer protection.
Methodology
Zumo used Focaldata to conduct a survey among a representative sample of the British public. The data was collected from a sample of 3,124 UK adults between 7 and 11 June 2024. The data was weighted to be representative of the public by age, gender, education, region and ethnicity.
For interview requests or other press inquiries, please contact: Amelie Arras, Marketing Director, Zumo ([email protected])
About Zumo
Zumo believes that everyone should have access to sustainable finance and that blockchain has the power to provide this globally. His mission is to provide a better planet for digital assets by offering sustainable, accessible and secure ways to harness the benefits of web3.
As an enterprise-focused asset-as-a-service platform, Zumo’s turnkey API-based infrastructure provides a fast, flexible and compliance-aware path to market, enabling fintechs, banks, asset managers and brands to offer their customers the tools of the future in a simple, secure and sustainable way, while opening new revenue streams, attracting new customers and supporting customer loyalty.
Zumo, a values-driven company, has underlined its commitment to a fairer society and a sustainable planet with an ambitious net zero by 2030 strategy that includes its business; the blockchains with which it works; and the broader digital asset ecosystem. Zero carbon since inception, the company is committed to ongoing collaboration in decarbonizing the digital assets sector. Zumo was an early signatory to the Crypto Climate Accord, the first digital asset company to receive UK government funding from the UK’s national innovation agency, Innovate UK, to advance its applied work on decarbonising digital assets , and is now a key contributor to the deal. industry guidelines on blockchain energy consumption, working in tandem with the World Economic Forum and the OECD.
Zumo’s infrastructure also powers the direct-to-consumer Zumo app, which launched in the UK and is registered with the Financial Conduct Authority (FCA).
About Focaldata
Focaldata is the research data platform that combines sampling, scripting, fieldwork and data processing in a single intuitive tool. Focaldata uses technology-based techniques and machine learning to measure public attitudes and behaviors more accurately and efficiently than traditional research agencies.
Focaldata is a registered member of the British Polling Council (BPC), the Market Research Society (MRS) and the International Association for Measurement and Evaluation of Communication (AMEC).
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