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Thursday, Apr 24, 2025

FCA Chief Executive Raises Concerns Over Young Investors Turning to Cryptocurrency

FCA Chief Executive Raises Concerns Over Young Investors Turning to Cryptocurrency

Nikhil Rathi stresses the risks associated with cryptocurrency investments among under-35s in testimony to MPs.
Nikhil Rathi, the Chief Executive of the Financial Conduct Authority (FCA), has expressed concern regarding the increasing number of young individuals, particularly those under 35, who are engaging in cryptocurrency as their initial investment experience.

During a recent session with the Treasury Committee, Rathi highlighted that this trend poses significant risks, stating that many of these young investors lack the financial education necessary to navigate such volatile investments safely.

Rathi remarked, "One thing that is not great is the sheer number of under 35-year-olds for whom the financial product that they invest in first is crypto," underlining apprehensions that cryptocurrency can result in total financial loss for inexperienced investors.

He emphasized the high-risk nature of these digital assets, indicating a pressing need for regulatory engagement with this demographic.

The FCA chief also addressed the broader consumer culture surrounding investment risk.

Rathi predicted that changing people’s perceptions of investment risk will require a generational effort, stating, "I think this is going to take decades.

I don’t think that one aspect of our work on its own will shift this." He pointed to foundational issues in financial education that begin in schools and persist into adulthood, mentioning the necessity of a better understanding of financial concepts such as percentages and compound interest.

Rathi called for improved accessibility to financial products tailored to different life stages, indicating that enhancing digital experiences could empower consumers to make informed decisions regarding their investments.

He further noted the need for building confidence in the economy among potential investors, which he acknowledged as essential for encouraging investment growth.

In addition, Rathi drew attention to the financial situations of vulnerable consumers who may lack sufficient savings for emergencies.

He observed, "We also have millions of people who we believe have in excess of £10,000 in cash who perhaps don’t need to be holding that much in cash," suggesting a potential misallocation of personal finances among certain segments of the population.

Rathi's statements reflect ongoing concerns about investment education and consumer protection in an evolving financial landscape.
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