Generation Z continues to be the most inclined to utilize cryptocurrency as opposed to cash, with a rate of 34% (the highest among all age groups).
Gen Z is the group of people that exhibits the greatest preference for cryptocurrency. In July 2024, Empower conducted a survey of 1,009 American adults, as indicated in their report.
In general, the report emphasizes that 52% of Americans maintain the belief that “currency is monarch,” despite the proliferation of digital wallets and contactless payments. However, distinct tendencies have emerged among the diverse generations.
In fact, it appears that Generation Z is particularly prominent in its adoption of cryptocurrencies, with 34% of the population utilizing them, the greatest percentage among all age groups.
Additionally, it is noteworthy that 41% of Gen Z utilizes digital payment platforms more frequently than traditional currency. 27% was the average for other age categories, while this figure was significantly higher.
In any event, in terms of the general perception of currency, half of Americans (49%) also feel more secure when holding cash than other investments.
Market uncertainty and the potential for a recession are the primary factors motivating the decision to retain capital. In this instance, the percentages that all generations concur with are as follows: 44% of Gen X, 42% of Millennials, and 39% of both Gen Z and Baby Boomers.
The FINRA Investor Education Foundation (Fondazione FINRA) conducted a direct examination of the Gen Z investor in the United States last year, which refers to individuals between the ages of 18 and 25.
It appears that 55% of Gen Z in the United States have declared themselves to be cryptocurrency investors, according to a recent report. However, an additional 41% of individuals identify as stock investors.
Furthermore, it appears that Gen Z investors in the United States employ a variety of resources to acquire investment knowledge.
Social media (48%), Internet queries (47%), and parents/family members (45%) are the primary sources of information about investments and finances for this age group, according to the report’s findings.
Another characteristic of contemporary youth that distinguishes them from previous generations is their affinity for “risk.” The report emphasizes that nearly half (46%) of Gen Z investors in the United States are prepared to assume financial risks that are either above average or substantial.
The fear of missing out (FOMO) has motivated 50% of individuals to make an investment. Rave Reviews’ report from two years ago investigated the composition and trends of Gen Z (individuals born between 1995 and 2010).
The initial data point that caught his attention in his analysis was that this generation will surpass the prior one (Millennials) in terms of absolute wealth by 2031.
A number that means this generation’s income will five times in 8 years. The report emphasized that Generation Z (or Zoomers) has the greatest level of education and the highest rate of self-education.
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