MORE THAN half of all European peer-to-peer lenders are millennials, new research has found.
Data from European P2P loans platform Robo.cash has shown that the younger demographic is steadily taking over the leading position from the older generation of investors.
Over the past six months, Robo.cash has noticed that its share of investors aged between 22 and 37 has grown to 53.9 per cent.
“The growing demand for P2P lending and the increased share of the younger generation prove the potential for alternative lending in Europe,” said Sergey Sedov, founder and chief executive of Robo.cash.
Read more: Robo.cash loan book hits £2.5m in first year
“It is evident that the interest of investors, particularly young, in a simple and comfortable source of additional income and positive experience gained at the existing P2P platforms will have a significant impact on the future development of the industry.”
The number of investors aged between 18 and 21 – nicknamed ‘generation Z’ – has also increased to 1.8 per cent over the past six months as the average age on the platform continues to drop.
After millennials, the next largest group on Robo.cash is ‘generation X’ (38-53 years old) with a 38.6 per cent share then baby boomers (aged 54-72) with 9.5 per cent.
However, it is the over 54-year-old age group that are making the largest investments with an average size of €4,907 (£4,305).