Save Student Website research shows that college students are now turning to cryptocurrencies to finance their expenses. The number of these academics has tripled in the last 12 months.
However, one student warns academics not to delve into cryptocurrencies and advises them to do more research before investing.
Financial crisis for student finance
Of those surveyed, 75% said they considered dropping out of school. The reasons given were mental health issues or the pandemic, but around 41% indicated that money was an issue.
The volatile part-time job market and several parents have lost their income due to the pandemic last year. The survey found that average students faced a shortfall of $340 each month. It’s for maintenance loans. failed to cover average monthly living expenses of $810.
The most common ways to get a change were part-time jobs, savings or help from parents. However, other methods they used to collect the money were overdrafts, gambling , asset sales, participation in drug trials, etc. Cryptocurrencies had also become a popular investment, with their prices tripling in a year.
Most of the students said that the interest in investing came from social media such as posts, group chats, etc. When they heard that it was a great investment opportunity that they could make money from, they jumped on the boat hoping to raise money.
Young investors take risks
While cryptocurrency investing has been successful for some people, there is still considerable risk involved. After all, young people need to be aware of what they are getting into. According to the Financial Conduct Authority ( FCA ), young people invest in high-risk products due to the essence of competition and the challenge that comes with it. The excitement involved is quite attractive to them rather than saving for the future.
Cryptocurrencies are highly volatile , and it is not uncommon for the price to fluctuate wildly in a short period of time. Investing in such a product is quite dangerous, considering that most students use their small savings. Usually the fundamentals would support the currencies. However, since cryptocurrencies are not fully functional currencies, their fundamentals are still emerging.
Another discussion is that cryptocurrencies are a hedge against fiat should they ever fail. However, if this were to happen, governments and central banks would address the problem by keeping material assets like gold in vaults and not cryptocurrencies.
Also, considering that most students are short-term investors who need to use the profits for day-to-day things, it is quite risky. In the end, it is about the willingness to accept both losses and gains.
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