Millennials and Gen Z are as likely to invest in cryptocurrency as they are in real estate, indicating a significant shift in wealth storage among these younger generations.
What Happened: A survey conducted by Policygenius found those two generations to be almost as likely to own cryptocurrency (21%) as to own real estate (20%).
The survey also revealed that these younger generations are more likely to try financial “hacks” they find on social media. 62% of younger participants tried one of the six proposed hacks, such as a “no spend challenge” or extreme couponing, compared to only 36% of Gen X and baby boomers.
Millennials and Gen Z are also more open to turning to social media first with a financial question (8%), compared to Gen X and baby boomers (2%).
Myles Ma, Certified Personal Finance Counselor at Policygenius, said that younger generations store their wealth differently, indicating a bigger willingness to take risks but also highlighting circumstances beyond their control, such as “the growing housing shortage.”
See Also: Crypto Analyst Says Shiba Inu Expected To Surge 155% As Meme Coin Establishes Strong Support Levels
Why It Matters: The shift towards cryptocurrency among younger generations is not an isolated phenomenon. A report from June 2023 revealed that 28% of Gen Z crypto users in Germany were using digital currencies for payments. This highlights the growing acceptance and use of cryptocurrency among the younger generation.
Another study from March showed that more than a third of Gen Z and millennials rely on family support for home purchases. This reliance on external support for real estate investments could be a contributing factor to the shift towards cryptocurrency.
A February 2024 study revealed that Gen Z plans on retiring early. This could be a key reason for their interest in potentially high-return investments like cryptocurrency.
What’s Next: These topics are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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