The behaviour of retail investors during the pandemic varies significantly across age groups, according to JPMorgan Chase & Co.

Investors generally are interested in alternative assets but older ones are buying gold while younger ones like Bitcoin, strategists led by Nikolaos Panigirtzoglou said. Millennials are embracing stocks, particularly technology shares, whereas older individuals are selling equities, they said.

“The older cohorts continued to deploy their excess liquidity into bond funds, the buying of which remained strong during both June and July,” the strategists wrote in an Aug 4 note that analyses investment flows.

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