A recent survey indicates that young Americans are more inclined to possess cryptocurrencies rather than stocks, indicating a shift in financial assets and investment strategies compared to older generations.
Conducted between October 16 and October 19, the survey, published by the Policygenius Financial Planning Survey on April 9, involved 4,063 adult respondents in the United States. The results showed that 20% of individuals from Gen Z (ages 18-26) and 22% of millennials (ages 27-42) are more likely to invest in alternative assets like cryptocurrencies and nonfungible tokens (NFTs) compared to older individuals.
Additionally, the survey unveiled that 18% of Gen Z participants claimed to own stocks, while the figures for Gen Xers and Baby Boomers were 28% and 45%, respectively.
Policygenius analyst Myles Ma stated that 9% of Gen Z and 8% of millennials are inclined to seek financial advice from social media platforms, compared to only 3% of Gen Xers and a mere 1% of baby boomers.
The survey not only reveals cryptocurrency ownership by different age groups but also sheds light on the financial attitudes of young investors. Despite the complexities of navigating the modern financial landscape, Gen Z and millennials feel a sense of pride in their financial management skills. This sentiment reflects the proactive approach of younger Americans towards financial literacy and independence.
Previous studies have also indicated that Gen Z and millennials have the highest adoption rates of cryptocurrencies among all population groups. In April 2023, a Bitget study disclosed that 46% of millennials in major economies, including the United States, China, Germany, Japan, Indonesia, and Nigeria, possess cryptocurrencies.
Furthermore, a survey conducted by Charles Schwab in October 2022 revealed that approximately 50% of Gen Z and millennials desire their retirement funds to be in digital assets. The study also found that 43% of Gen Z and 47% of millennials already invest in cryptocurrencies outside of their 401(k) retirement plans.
Overall, these surveys depict how younger generations are diversifying their investment portfolios beyond traditional stocks and real estate, opting to heavily invest in cryptocurrencies.
It is important to note that this article does not provide investment advice or recommendations. Every investment and trading decision carries risks, and readers should conduct their own research before making any decisions.