According to a study conducted by the brokerage house Charles Schwab, young Americans are very attracted to cryptocurrencies. In addition, 45% of those under 25 believe they want to integrate cryptocurrencies into their retirement savings plan, compared to only 11% of those over 60.
Popular cryptocurrencies among young Americans
What could be better than a long-term vision for a successful investment? This is the rhetorical question that many Americans ask themselves when preparing for their retirement. For many young people, the answer lies in cryptocurrencies.
According to a study carried out in April 2022, 45% of people under 25 want to be able to invest in cryptocurrencies through the 401(k) planthe retirement savings plan most commonly used in the United States.
At the same time, note that millennials, people born between 1980 and 1997, have results that are substantially similar to Generation Z: 46% of them hope for the integration of cryptocurrencies in the 401(k). On the contrary, only 11% of those over 60 have a similar speech.
For their retirement, older people are more adept at traditional investments: 47% of them have an individual retirement account (IRA), compared to 29% of millennials.
The gap between young people and seniors is the result of many variables. The low cost of entering the cryptocurrency market, the popularity of the subject, and the recent appearance of this sector are all factors that are pushing young people to be more interested in this type of investment.
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Generation Z and millennials are multiplying the ways they invest
With the evolution of technologies, the ways to invest are multiplying : Generational differences are not specific to cryptocurrencies. In addition, those under 40 tend to diversify the platforms used and the assets in which they invest.
Figure 1: current investments of different generations
While equities remain the majority investment for the entire sample studied, the gap widens when we look at the other asset classes.
Regarding cryptocurrencies, while 43% of Generation Z and 47% of millennials own them, only 4% of those over 60 have taken the plunge. Moreover, there are many asset classes where the presence of under 40s is dominant, such as ETFs and commodities.
As a result, in a time of economic crisis like today, those under 40 worry about their financial capital to improve their future.
Many of them have a long-term view on cryptocurrencies, where the annual economic growth of the sector is no longer to be proven.
👉 On the same subject – Cryptocurrency survey: 13% of Canadians own Bitcoin (BTC)
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Source: Charles Schwab
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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