Gen Z And Millenials Are More Likely To Own Crypto Than Traditional Asset Classes, According To A Survey

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Key Takeaways

  • Gen Z and millennials are more likely to own cryptocurrencies than stocks and real estate, reflecting a change in investment priorities among younger demographics.
  • The rise in housing prices is a significant barrier to homeownership for younger generations. Only around 20% of Gen Z and millennials own homes, compared to 21% who own cryptocurrencies.
  • Despite interest in the stock market, many young adults lack sufficient savings to invest, leading them to explore alternative options like cryptocurrencies and non-fungible tokens (NFTs).

A surprising trend from Policygenius’s 2024 Financial Planning Survey reveals that Millennials and Gen Z are just as likely to hold cryptocurrencies as they are to own stocks or real estate.

Crypto Over Traditional Investments

According to the survey, over 20% of young Americans own crypto, with younger generations investing in it four times more frequently than older demographics.

Individuals aged 18 to 26, categorized as Gen Z, have a notable inclination towards cryptocurrency compared to traditional investments. Specifically, 20% of Gen Z respondents say they own crypto, while 18% own stocks, 13% hold real estate, and 11% have bonds.

On the other hand, Millennials between the ages of 27 and 42 exhibit a higher frequency than Gen Z participants, with 22% of the respondents saying they hold crypto assets. However, it did not surpass the rates of traditional investments, as 27% of the respondents are invested in stocks and 24% in real estate. Bonds are less favored among this age bracket, with only 16% investing in them.

Housing Market

For younger generations, the American dream of buying a house seems further away than ever, as soaring interest rates and rising median home prices make homeownership a much less attainable goal.

Breaking down the numbers, only 13% of Gen Z own real estate, compared to 20% who own cryptocurrencies. Meanwhile, Millennials are faring slightly better, with 24% owning real estate, while 22% only own crypto.

Non-Fungible Tokens (NFTs)

In a poll of 4,000 Americans ages 18 and above, NFT ownership skews young. Among those surveyed, just 9% of Gen Z reported owning NFTs, followed by 8% of Millennials. Ownership drops significantly for older generations, with only 4% of Gen X and only 1% of Baby Boomers.

Final Thoughts

Policygenius’ recent survey found a positive outlook among Gen Z and millennials despite the challenges of affording a home. Many reported feeling “somewhat proud” of their overall financial management.

Even though the survey happened before the US Securities and Exchange Commission (SEC) greenlit spot Bitcoin ETFs and Bitcoin reached new all-time highs in recent weeks, it provided valuable insights into young Americans’ attitudes towards cryptocurrency, regardless of market conditions.

Via: 2Usethebitcoin.com

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