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In the USA, Generation Z and millennials are more likely to own cryptocurrencies instead of stocks, a Policygenius survey report says.
Investment preferences among Generation Z and millennials are becoming increasingly distinct and more focused on cryptocurrency rather than stock. A survey carried out by Policygenius showcases that Generation Z and millennials, especially in the US, are delving into the world of cryptocurrency.
Crypto More Attractive Than Stocks For Gen Z?
A recent survey organized by Policygenius and YouGov resulted in the enhanced interest of American Gen Z and Millennials towards digital assets.
As per the survey, 20% of individuals between the ages of 18 to 26 own cryptocurrencies, whereas 18% hold stocks. 13% of the individuals own real estate and 11% are likely to own bonds.
Owning real estate and bonds is the least accepted by Generation Z due to affordability. In contrast to this, Millennials between the ages of 27 to 42 recorded more interest in stocks. 22% of Millennials in America own cryptocurrency, 27% invest in stock assets, and 24% in real estate cars.
Due to great recessions, the craze for home affordability is low among investors. High interest rates, low housing stock, and stagnating incomes have put home affordability out of reach for most Generation Z and Millennials.
Talking about baby boomers, they are likely to adhere to traditional investment patterns with 33% ownership in stocks and 45% in real estate. Additionally, their engagement in crypto and NFTs is minimal, investing 5% in crypto and 1% in NFTs.
Based on the report, all generations value financial professionals and investments, but older generations including Gen Z and millennials are more likely to consult social media first before making any financial investment. Gen X and baby boomers, on the other hand, are least involved in social media consultation for any financial investments.
Gen Z and millennials have used at least one financial “hack” like no-spend challenges or infinite banking and are more popular over social media. No-spend challenges have significant engagement on TikTok with over 90 million views.
The survey also explored the emotional aspects of the investors and individuals who indulge in financial practices. As per the survey results, 31% of baby boomers are satisfied with the way they manage their finances, whereas only 31% of Generation Z are experiencing the same level of pride.
How Well Is The Crypto Market Performing?
As per Statista data, the crypto industry was valued at around $40.7 Billion in 2023 approximately 50% higher than the previous year. In 2022, the industry generated only $20.1 Billion and Crypto Winter is considered to be one of the major reasons behind the revenue drop.
Furthermore, the industry is expected to hit $51.5 Billion by the end of 2024 and cross $70.7 Billion by the end of 2028. To date, the year 2023 is considered to be one of the best years for the crypto industry.
Additionally, the number of users is gradually increasing every year. In 2020, the crypto industry had 73.52 Million users which reached 670.50 Million in 2023.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
