Generation Z and Millennials prefer crypto over stocks – report
Young Americans are more likely to own cryptocurrencies than stocks, according to a new survey, indicating a shift in financial assets and investment strategies preferred by older generations.
The survey, conducted between Oct. 16 and Oct. 19 and published April 9 by Polygenius Financial Planning Survey, surveyed 4,063 adult respondents in the United States. The survey found that 20% of Gen Zers (ages 18-26) and 22% of Millennials (ages 27-42) are more likely to invest in alternative assets such as cryptocurrencies and intangible tokens (NFTs).
The survey found that 18% of Gen Z respondents said they owned stocks, compared to 28% of Gen Z and 45% of Baby Boomers.
Polycygenius analyst Miles Ma wrote:
“Younger generations are hoarding their wealth differently than their Gen X and Boomer counterparts, including new investments such as cryptocurrencies. This may reflect a greater willingness to take risks with their money, but may also reflect uncontrollable obstacles such as growing housing shortages.”
Additionally, 9% of Gen Z and 8% of Millennials said they would first turn to social media for a financial question, compared to Gen X (3%) and Baby Boomers (1%).
Related: ‘Unsustainable' Deficit, Inflation Means More Demand for Bitcoin: Gray Scale
Beyond the specifics of crypto, the survey highlights the financial attitudes of young investors. Although navigating the modern financial landscape is complex, these Gen Xers and Millennials take “some pride” in their financial management skills. This sentiment shines a light on young Americans' proactive approach to financial literacy and independence.
Previous studies have suggested that Gen Z and Millennials have the highest rate of cryptocurrency adoption of all demographic groups. An April 2023 Bitgate survey found that 46 percent of millennials in major economies such as the US, China, Germany, Japan, Indonesia, and Nigeria own cryptocurrencies.
Last year, in October 2022, another study by Charles Schwab showed that roughly 50% of Gen Z and Millennials want their retirement money in digital assets. The study also found that 43% of Gen Z and 47% of Millennials have already invested in cryptocurrencies outside of their 401(k) retirement.
All of these surveys paint a picture of how younger generations are diversifying their investment portfolios beyond real estate and traditional stocks, leaning more broadly toward cryptocurrencies.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
