According to a recent survey, young Americans are now more inclined to own cryptocurrencies rather than stocks, indicating a shift in investment strategies and financial assets compared to older generations.
The survey, conducted by the Policygenius Financial Planning Survey between October 16 and October 19, involved 4,063 adult respondents in the United States. The results showed that 20% of Generation Z individuals (ages 18-26) and 22% of millennials (ages 27-42) are more likely to invest in alternative assets such as cryptocurrencies and nonfungible tokens (NFTs) compared to their older counterparts.
The survey also revealed that 18% of Generation Z respondents admitted to owning stocks, while 28% of Generation X individuals and 45% of Baby Boomers claimed the same.
Furthermore, the survey highlighted that 9% of Generation Z and 8% of millennials said they would turn to social media as their first source for financial inquiries, as opposed to only 3% of Generation X and 1% of Baby Boomers.
Apart from specific cryptocurrency details, the survey sheds light on the financial attitudes of young investors. Despite the complexities of navigating modern financial landscapes, these young individuals 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 Generation Z and millennials tend to have the highest adoption rates of cryptocurrencies among all population groups. In April 2023, a Bitget study revealed that 46% of millennials across major economies, including the U.S., China, Germany, Japan, Indonesia, and Nigeria, own cryptocurrencies.
Similarly, a survey by Charles Schwab in October 2022 showed that approximately 50% of Generation Z and millennials express a desire to have their retirement funds invested in digital assets. The study also found that 43% of Generation Z and 47% of millennials already invest in cryptocurrencies outside of their 401(k) retirement accounts.
All these surveys collectively illustrate how younger generations are diversifying their investment portfolios beyond traditional stocks and real estate, embracing the world of cryptocurrencies.
It is important to note that this article is not intended to provide investment advice or recommendations. Every investment and trading decision carries risks, and readers should conduct their own research before making any decisions.