Survey shows how cryptocurrencies are more popular than funds among millennials

The report “How millennials see their financial future” reveals that 40% of millennial survey participants have invested in cryptocurrencies.

Investment firm Alto recently surveyed US-based adults to find out their investment preferences. The results show that more millennials between the ages of 25 and 40 invest in cryptocurrencies than in mutual funds.

The report, called “How millennials see their financial future”, reveals that almost 40% of millennial respondents have invested in cryptocurrencies. According to the report, this is “higher than the percentage of millennials who own mutual funds”. Moreover, the percentage is almost equal to that of millennials who own stocks.

The report also notes that most millennials already own cryptocurrencies or are considering buying them. However, Alto founder and CEO Eric Satz said that current conditions make it difficult for them to consider investing. He explained:

“In a world of conspicuous consumption, sky-high living costs and mounting student loan debt, millennials are finding it difficult to invest for the future because they are struggling to pay for the present”.

Meanwhile, survey participants who currently own cryptocurrencies mentioned that they are likely to add cryptocurrencies to their retirement portfolio. The report highlights that 70% of millennials who own cryptocurrencies and have an individual retirement account keep their digital assets in their IRA.

Earlier in June, another survey showed that high-net-worth individuals are also embracing cryptocurrencies. According to the World Wealth Report, 71% of wealthy participants have invested in digital assets such as cryptocurrencies, non-fungible tokens (NFTs) and exchange-traded funds.

The same month, a report by research firm Blockware Intelligence showed that Bitcoin (BTC) adoption could surpass the adoption rate of other technological disruptions such as smartphones, the internet and social media.

Source: Cointelegraph

Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.