Once again, thank you to all of you who responded to our recent lifestyle survey – this helps us to better understand our clients, what you want from Glint and how we can further improve our products and transform the future of money.
Here are some of the most interesting findings around how you spend and save in gold.
A huge 91% of you told us that you saved real gold through Glint – the majority of you saving up to $500 per month.
Over half of you combine your gold holding with cryptocurrencies (Bitcoin and Ethereum being the most popular assets). In addition, 71% have invested in stocks and shares alongside gold.
Interestingly, 22% of respondents used glint to spend in their local currency – is this more proof that many of us are increasingly turning our backs on the banking system?
What do you spend your gold on? 54% of you paid in gold whilst eating or drinking out whilst 23% of those who responded to our survey had used gold to pay for fuel and groceries.
Finally, it’s interesting to see that just 18% of respondents spend cash whilst abroad. A quarter of you instead opt to spend on your credit card – this is where one of the key benefits of Glint comes into its own. Our FX fees are up to six times cheaper than banks so you can save a huge amount on currency conversion fees whilst abroad by spending in gold or other currencies on your Glint card this summer.
68% OF GLINT CLIENTS DON’T TRUST BANKS
In our first client survey, we recently asked all Glint clients how safe they thought banks are today, 13 years after the Great Crash of 2008.
Hundreds of you responded. You are still suspicious of banks. 68% of you don’t trust banks to protect your wealth.
Unsurprisingly, you want a way to safeguard the money you have.
According to the survey, 55% of you buy gold via Glint because you distrust the banking system. 14% of you save in gold for your retirement and 8% to fund future investments, such as buying a home.
GOLD PRICE IS UP 11% on MARCH 2021
The gold price has gone up 11% since March 2021 and 9% over the last 12 months – although it remains lower than its August 2020 peak.
Some cryptocurrencies have seen huge growth over 12 months, including Bitcoin (up by 200%) and Ethereum (which is up by 750%). But there has recently been a market crash, showing the extreme volatility of cryptocurrencies: Bitcoin’s value has halved since its April peak.
Glint meanwhile continues to grow, as people continue to understand the usefulness of buying, spending and sharing in gold – instantly. Glint has added 30% of new clients in the last six months and had 81,560 clients in May, against 62,900 in December 2020.
For Jason Cozens, Glint’s founder and CEO, “this research demonstrates the scale of the monetary system’s failure to appeal to large swathes of consumers. Traditional financial institutions have not catered for the changing demand and, for many of us, our trust hasn’t been rebuilt since the catastrophe of 2008. Consumers and savers alike are increasingly turning their backs on the current monetary system and searching for alternative ways to spend and save their money that won’t put their wealth or purchasing power at long-term risk”.
Whilst we strongly believe that gold is the fairest and most reliable currency on the planet, we obviously need to point out that it isn’t 100% risk free. Whilst we have seen a steady increase over time, the value of gold can fall, which means the purchasing power of the customer can also fall.
NEW LIFESTYLE SURVEY NEXT WEEK
Look out for another survey next week. This one will be about your lifestyle. Please do take the time to complete and submit it – you’ll be doing not just us a favour, but all Glint clients. We will use this survey (anonymous of course) to guide us in continuously improving our product and services.