Around 39% of millennials own cryptocurrencies, higher than the percentage of those owning mutual funds and about equal to the number of millennials who own individual stocks, as per the report.
As per the study by investing firm Alto, millennials aged around 25 to 40 who own cryptocurrencies are likely to include them in their retirement portfolio.
Over 70% of the millennials who own crypto and an individual retirement account (IRA) hold crypto in an IRA.
The report called “How millennials see their financial future” was compiled by conducting a quantitative online survey of 2000 US consumers.
Of the participants, 1200 were millennials (ages 25-40), 400 were Gen X (ages 41-56), and 400 were baby boomers (ages 57-64). All participants had at least $2500 in investable assets and a minimum household income of around $35000 and had yet to retire.
Alto founder and CEO Eric Satz revealed that the current conditions are making it hard for millennials to consider investing.
In a world of conspicuous consumption, soaring living costs, and mounting student loan debt, millennials find it difficult to invest for the future because they are highly struggling to afford the present.
Moreover, the survey also points out that lack of knowledge was a hindrance in investing in alternative assets like cryptocurrencies among all generations that were surveyed.
Limited knowledge has created the perception that alternative investments are exclusively limited to the wealthy and institutional investors. A large number of those surveyed assumed that minimum investments and fees would hinder them from investing in alternative assets.
The study showed that 49% of the millennials believed that you have to be “very wealthy to invest in alternative investments,” and another 63% believed that “alternative investments would likely have high fees.”
Additionally, consumers are likely to associate alternatives with equal or greater risk than stock market investing.
For instance, 51% of millennials hold the view that alternative investments are riskier than investing in the stock market.
Earlier in June, another survey conducted by Goldman Sachs, a New York-based investment bank, revealed some statistics surrounding insurers’ adoption of crypto. The results indicated that 11% of the US insurance-based companies have already invested in the crypto or are planning to do so.
Likewise, Blockware Intelligence, a research arm of Blockware Solutions, also recently carried out research that showed that Bitcoin might be adopted faster than technological disruptions, which include social media or the internet itself.
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