Survey: 20% of Gen Z More Inclined to Invest in Cryptocurrency
According to Cointelegraph, a new survey indicates that young people in the United States are more likely to own cryptocurrency than stocks, signifying a shift in financial assets and investment strategies from the preferences of the older generation.
Conducted between October 16 and 19 and released on April 9 by Policygenius Financial Planning Survey, the study involved 4,063 adult participants from the United States.
The survey reveals that 20% of Gen Z (18-26 years old) and 22% of Millennials (27-42 years old) are more inclined to invest in alternative assets such as cryptocurrency and NFTs compared to their older counterparts.
The survey also shows that 18% of Gen Z respondents reported owning stocks, while the percentages for Gen X and Baby Boomers were 28% and 45% respectively. Additionally, 9% of Gen Z and 8% of Millennials indicated that they might turn to social media to solve financial issues, whereas the percentages for Gen X (3%) and Baby Boomers (1%) were the opposite.
In addition to the specific details about cryptocurrency, the survey also highlights the financial attitudes of young investors. Despite the complexity of navigating the modern financial landscape, these Gen Z and Millennial generations feel “somewhat proud” of their financial management skills. This sentiment reveals the proactive efforts of young Americans to enhance their financial knowledge and independence.
Early research also suggests that Gen Z and Millennials often have the highest adoption rates of cryptocurrency among all demographics.
In April 2023, a study by Bitget showed that 46% of Millennials in major economies such as the United States, China, Germany, Japan, Indonesia, and Nigeria owned cryptocurrency.
Last year, in October 2022, another survey by Charles Schwab revealed that approximately 50% of Gen Z and Millennials expressed a desire for their retirement funds to be in digital assets. The research also found that 43% of Gen Z and 47% of Millennials had already invested in cryptocurrency outside of their 401(k) retirement plans.
This article is authorized and reprinted from PANews.
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