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25% Of Millennials Are Relying Upon Cryptocurrency For Finance Their Pension

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  • Millennials are just as likely to invest in cryptocurrencies as they are in the stock market (37%), and 25% say they are using cryptocurrency to help fund their retirement plans.
  • In terms of cryptocurrency investment, Gen Z and Gen X are not far behind Millennials. Crypto is used by 23% of Generation Z and 28% of Generation X.
  • 53 percent of Gen Z respondents intend to retire before they reach the age of 60. 27 percent want to rely on Social Security, while 17 percent want to use cryptocurrency to support their retirement. Non-fungible tokens (NFTs) are purchased by 10% of Gen Z, 15% of Millennials, and 13% of Generation X.

According to a new poll conducted by Investopedia, financial literacy instruction needs to be updated significantly. This is due to a significant shift in young people’s investment and retirement planning. 4,000 adults were polled for the Investopedia 2022 Financial Literacy Survey. A total of 1,000 people from the generations of Gen Z, Millennials, Gen X, and Boomers were polled. Financial information, habits, things that troubled them, and retirement plans were among the topics covered in the survey.

Economic Education As Well As Aging

Result? To fund early retirement, young people are putting their money into riskier assets. They’re using social media to figure out how to accomplish this. Millennials are just as likely to invest in cryptocurrencies as they are in the stock market (37%), and 25% say they are using cryptocurrency to help fund their retirement plans. In terms of cryptocurrency investment, Gen Z and Gen X are not far behind Millennials. Crypto is used by 23% of Generation Z and 28% of Generation X.

53 percent of Gen Z respondents intend to retire before they reach the age of 60. 27 percent want to rely on Social Security, while 17 percent want to use cryptocurrency to support their retirement.

Non-fungible tokens (NFTs) are purchased by 10% of Gen Z, 15% of Millennials and 13% of Generation X. YouTube is where 39% of Gen Z investors acquire their information. For financial information, 30% choose TikTok. Internet searches (39%) and chats with friends and family (44%) are other information sources. Debt reduction (31 percent ). They should learn how to do their taxes (34 percent ). boosting or increasing their credit score (30 percent ).

Cryptography As Well As Retiring

Investopedia’s editor-in-chief is Caleb Silver. Over the last few years, our attitude about money, investing, and financial planning has shifted dramatically. As millions of people take their first steps into investing, new asset classes such as bitcoin and NFTs have developed. It’s time for a new strategy, one that educates people of all ages about new, developing, and classic financial goods and services. It is our responsibility as financial educators to ensure that financial literacy is spread as widely as possible. – I’m spreading the word far and wide.

ALSO READ: Novatar: aging NFT-avatars collection sales to start on April 4

Nancy J. Allen

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