For NFTs, baby boomers are extremely unlikely to invest, with 0% of baby boomers investing in NFTs. Baby boomers believe that stocks will offer the best returns, followed by mutual funds and real estate. That mirrored a lot of other conversations we had and what we were seeing with other people. He doesn’t have a retirement plan, so even though his wife might have one he wasn’t necessarily putting money away in that regard for the longer term. If you’re an average day trader, you don’t have to do any of that. Also, if you’re getting this type of investment advice online, sometimes it can be really helpful.
Similar to the previous survey question, we will begin tracking the annual deltas of this specific response as digital currencies evolve in the market. This is the first year we asked our respondents to reveal their specific ownership. As the digital currency landscape evolves and new coin offerings come to market, it will be particularly interesting to see how these results change. As banks become affiliated with a crypto exchanges, Kemmerer said, best crypto trading platform more finances will be held in cryptocurrencies rather than cash. This type of affiliation is exactly what Gen Zers polled by GOBankingRates want to see as part of their banking experience. While the numbers aren’t as dramatic for the broader non-credit union population — 35% out of 50% of Gen. Z crypto buyers still hold their crypto — it is still about a one-third reduction compared to about one-quarter for the two millennial demographics.
Cryptocurrency statistics 2023: Investing in crypto
While most haven’t taken the leap yet, that hasn’t stopped companies from creating their own. Brands across all industries, from Adidas to Taco Bell, have gotten into NFTs already by launching their own projects, and big-name celebrities and influencers have been vocal about their involvement in the space. And YPulse found that over half of young people think brands should make their own NFTS. But they should be aware that while it’s a buzz-word, it’s still early on, and the majority of young people haven’t gotten involved. Full BioEric Rosenberg is a finance, travel, and technology writer.
- As always, with any investment – whether that’s stocks, funds, real estate or whatever – you need to understand what you’re investing in and how you can profit from it.
- Crypto fans and those who are Very Online can’t stop talking about non-fungible tokens , but a good number of average internet users think these digital investments are just a scam.
- Without easy and practical uses and applications, digital currencies will languish.
- Conventional investments like real estate and bonds have been out of reach to retail investors.
- This is good news for millennials and Gen Zers, as well as digital currencies becoming more mainstream as alternative investments.
- The crypto ecosystem has grown in response to the rising adoption of crypto by millennials and Gen Zs.
Moreover, the disruption is being recognized as an opportunity even if the sentiment among bank executives is one of cautious optimism. In the SAS-sponsored global survey Banking in 2035, 500 banking executives worldwide were surveyed about the trends shaping the industry over the next decade. This is to say, the anti-crypto Gen Z crowd outnumbered the pro-crypto side substantially, and substantially more than in millennial demographics. There are plenty of reasons this could be the case, starting with Gen Z having less disposable income. We take a holistic underwriting approach to determine your interest rates and make sure you get the lowest rate possible.
Millennials Sound Off…
NFTs came in at number eight, just behind the metaverse and above inflation rates and Bitcoin prices. It’s worth noting that none of the factors listed above are ranked significantly lower or higher than the others. For example, dividends and historical performance received almost the exact same average rank from Gen Z and millennial investors. Members of Generation Z are most likely to have six to 10 stocks or funds, while millennials are most likely to have between one and five. Marijuana stock ownership jumped from 20% to 25% of Gen Z and millennial respondents between 2021 and 2022, showing the generations‘ interest in the growing sector. 44% of millennials report having a retirement account, compared to 29% for members of Gen Z.
He was arguing that and how he felt like the system wasn’t exactly created for him. But that doesn’t mean that a return to traditional investing is seen as the way forward for those who have made the switch. While some critics view crypto as a Ponzi scheme, Contessoto says they’re missing the big picture.
Which Crypto Dominates?
We do not include the universe of companies or financial offers that may be available to you. In the last two years, more young people have become interested in investing in stocks (remember the Reddit-GameStop craze that kicked off 2021?) and we found that 29% of Gen Z and Millennials overall have purchased them. Cointelegraph covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money. A Quebec pension fund lost almost all of its $154.7 million, which was heavily invested into the now-bankrupt cryptocurrency lending platform Celsius. In Australia,retirement fundprovider Rest Super has been researching a cryptocurrency offer as part of a diversified portfolio for its 1.9 million members since Nov. 2021.
Younger savers are also looking for more traditionally “safe” investments, like annuities that will offer guaranteed income after retirement. Schwab found that more than 40% of both Gen Z and millennials said they wanted the option to invest in annuities via their 401, while just 28% of boomers said the same. Earlier this year, a survey by the IRA rollover service Capitalize found that more than half of Gen Z and millennial adults were including NFTs OR cryptocurrencies as part of their retirement strategies.
Most Millennial and Gen Z Investors Say Crypto Is Part of Their Retirement Strategy
With younger generations like Millennials and Gen Z, nonprofits are finding that accepting cryptocurrency donations energizes marketing and branding efforts. As different countries face economic pressure amid anticipation of a recovery, investments are critical for everyone. In other situations, investments represent financial freedom and wealth creation. On the other hand, the survey also demonstrated that more than a third—37.14 percent—of young people don’t yet trust cryptocurrencies such as Bitcoin, citing things like regulation and volatility as concerns.
Millennial men are also about twice as likely to invest in cryptocurrency as millennial women. Millennial, Generation X, and Generation Z investors are most likely to hold cryptocurrencies, while baby boomers are highly unlikely to invest in digital currencies. Of course, many Gen Z and young millennial investors https://xcritical.com/ initially turned to cryptocurrency as a way to avoid traditional financial institutions, but still build wealth. These self-directed IRA accounts provide the same tax benefits as IRAs, but some let you incorporate cryptocurrencies like Bitcoin, Ethereum and Dogecoin into your retirement strategy.
Prior Research on Digital Currencies/Libra
This act shook Nigerian millennials and Gen Zs as they had no control or say on this. However, they had the option to shift to a more trustworthy financial platform, cryptocurrency, where they had control, transparency, and no fraudulent operations. Crypto’s decline is reflective of a wider retreat from risky assets like tech stocks that’s been triggered in recent months by inflation, rising interest rates, and economic uncertainty brought on by Russia’s invasion of Ukraine. But crypto’s downturn has been notably sharper than the drop in the stock market. While the S&P 500 has slumped by roughly 18% so far this year, Bitcoin’s price has plummeted by nearly 40% in the same timeframe. Why are millennials and Gen Z so interested in cryptocurrency, when many financial advisors and other smart investors such as Warren Buffett have warned of their dangers?
Gen Z and millennial investors are savvy, but should consider shifting priorities
Among all generations surveyed, millennials are more likely to invest in cryptocurrency. Of millennials surveyed, 64% indicated that they have investments, and 38% say that they have some kind of cryptocurrency investments. More specifically, 15% of millennials said that they own a non-fungible token , a digital asset relying on the same blockchain technology as cryptocurrencies. But this distrust isn’t the only thing driving young people to invest in cryptocurrencies and meme stocks. First, many have a genuinely positive outlook on blockchain technology.