Toluna, the leading global insights technology and panel provider, today shared key UK insights from Decoding Crypto – a global consumer study into consumer perceptions of cryptocurrency and their investment habits. 

Despite global optimism, reservations remain for UK consumers

When asked about levels of trust in financial products, UK respondents ranked crypto products as the least trusted by far, with 31% not trusting cryptocurrencies at all and 23% feeling the same towards crypto derivatives. This is followed by hedge funds (15%) and non-crypto derivatives (14%). As such, attitudes toward cryptocurrency are primarily cautious, with 38% of UK consumers feeling sceptical about it and 33% unsure.

Regarding the top barriers to entry for crypto in the UK market, nearly half of respondents believe it is too risky and 38% claim not to know enough about it to invest. However, almost one-quarter of UK consumers feel curious about cryptocurrency, indicating that a stronger understanding could support further investment. The continued squeeze on household budgets is likely impacting investment as well, with 28% of consumers needing money for other things.

Online and social platforms are key sources of information about crypto

UK consumers most often learn about cryptocurrency through online articles, according to 30% of respondents. Social media platforms come in as the second most used information source at 25%, with YouTube the top platform (52%) versus Facebook (42%) and Twitter/X (31%). 

Mark Foran, Financial Services Senior Associate Director at Toluna, commented: “Overall, global insights find current investors have a positive outlook on crypto, suggesting that overcoming barriers to entry is the biggest hurdle for growth in the UK market. When these barriers include the need for a deeper understanding and trust, it’s  important to know the sources consumers turn to when looking to discover more about crypto. These sources are key to boosting awareness and knowledge, which in turn could unlock greater investment .” 

Further findings from Toluna’s Decoding Crypto report are available here. The report provides an overview of the insights from this consumer study into perceptions of cryptocurrency and investment habits. 

Methodology

In December of 2021, Toluna conducted the first wave of a wide-scale tracking study that spanned across global markets to understand consumers’ investment habits, perceptions, and future purchase intent with regard to crypto. Since then, Toluna has conducted subsequent waves every quarter to build a continuous understanding of the market outlook.

The research for this report was conducted among 10,500+ consumers ages 18+ across 19 global markets in May 2023. It explored consumer outlooks on cryptocurrency and the part financial institutions can play in this dynamic landscape.