How younger investors flocked to Hargreaves in lockdown: One quarter of investment platform’s new clients is now under 30
Investors in their 20s have flocked to Hargreaves Lansdown following a surge of interest in the stock market during the pandemic.
Almost one quarter – 55,900 people – of clients added by the investment platform were younger than 30 during the year to the end of June.
Hargreaves added a record 233,000 customers overall, taking the total to 1.6m.
Lockdown surge: Almost one quarter of new clients added by investment platform Hargreaves Lansdown – or about 55,900 people – were younger than 30 during the year to the end of June
The number of young people making investments has soared during the coronavirus crisis, with many deciding to dabble in the stock market for the first time while spending more time at home under lockdown.
A surge in interest in crypto-currencies played a part in the trend, along with the rise of so-called meme stocks such as Gamestop and AMC, which young investors piled into.
Chris Hill, Hargreaves Lansdown chief executive, said the pandemic had triggered a ‘permanent shift in consumer behaviour’ and that ‘younger people now have a greater appetite for investment’.
It helped to grow the firm’s total assets under management from £104billion to £135.5billion.
Annual revenues grew from £550.9million to £631million, while profits dipped slightly from £378.3million to £366million.