A survey has found that 25 percent of affluent millennials either use of hold cryptocurrency, with 31 percent interested in using it.
Turning to Crypto
The study, Millennials with Money, was conducted by Edelman earlier this month. It surveyed a total of 1,000 affluent millennials aged between 24-38 in the United States. The affluence criteria were either $50k in investable assets or $100k in an individual or joint account.
The survey noted that as millennials have grown up they have continued to grow their wealth. As a result, they are occupying a significant part of the financial services market. With cryptocurrency becoming a growing industry, an increasing number of people are including these in their financial portfolios.
The data shows that 25 percent of those surveyed are either using or holding cryptoassets. A further 31 percent indicate they are interested in cryptocurrencies. Notably, 74 percent stated that the blockchain makes the global financial system more secure.
Considering the crypto market is still considered risky, this seems to go well with millennials’ thinking. According to the survey, 40 percent of affluent millennials take risks with their finances. This is compared to 23 percent of non-affluent millennials and 29 percent of affluent Generation Xers.
On the flip-side, 60 percent of affluent millennials indicated they are cautious with their finances. This is compared to 77 percent and 71 percent for non-affluent millennials and affluent Generation Xers, respectively.
According to Deidre Campbell, Edelman’s Global Chair of Financial Services, the figures aren’t too surprising. In a report from Yahoo! Finance, she said:
Anyone that has crypto tells me they wish they bought it sooner.
Distrusting Banks
In Campbell’s opinion, the younger generation has grown up with a distrust of the finance sector. As a consequence, they are more open to trying new things with cryptocurrency.
This, after all, was how the market began, out of the 2008 global financial crisis. So it makes sense that a new generation of people is thinking of innovative ways to make and save money.
Interestingly, according to Yahoo, a report indicates that over three-quarters of affluent millennials are of the opinion that it’s “just a matter of time” before another financial crisis hits. Whereas 75 percent believe that the global financial system will be hacked.
With such a dreary outlook for traditional finance, it’s no wonder that millennials are turning their attention to cryptocurrency.
Do you have crypto as part of your financial portfolio? Are you thinking about adding it? Let us know in the comments below.
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