According to statistics, Millennials in the US are increasingly turning to non-traditional financing options like that of crypto assets to improve their financial well-being.
Morning Consult’s January survey titled ‘The State of Consumer Banking & Payments’, discovered that Millennials are embracing innovative technology to assist them to make financial judgments at a faster pace than any other generation. Charlotte Principato, a financial services expert, gathered information from 50,000 distinct participants to monthly polls performed in the US and around the world from July to December 2021.
Principato remarked in an email to Cointelegraph today that the surge in cryptocurrency usage in 2021 was an oddity that stood out to her when compiling the research. She noted that, despite being a risky asset, Bitcoin has effectively captured the attention of people all worldwide and has continued to develop.
By December of last year, almost 48 percent of Millennial households held a type of cryptocurrency. It goes up from approximately 30 percent in June. Over the same time frame, 20% of all adults in the US acknowledged possessing a form of cryptocurrency.
As per the survey, millennials’ usage of non-traditional financial services which includes cryptocurrencies may be attributed to financial well-being ratings that have remained consistently lower than the national mean since June 2021. The world average by December of last year was 50.98, but the Millennial generation remained at 49.54.
Principato told Cointelegraph that she had observed a downward trend in financial well-being over the last seven months. She attributed the drop to the Delta and Omicron COVID-19 variants. As well as growing inflation in the United States, which has yet to make a full recovery.
According to the Morning Consult website, the economic well-being rating is evaluated by a scale. It contains ten specific questions for assessing current and prospective freedom and security of choice. The questions touch on customers’ grasp over their financial affairs, capacity to accommodate financial disruptions, and movement to fulfill their financial objectives.
While Millennials, in general, take up the majority of crypto investors, crypto owners are predominantly high-earning Millennial men. 70 percent of Millennial men use cryptocurrency, with 25% earning more than $100,000 each year.
Surprisingly, Hispanic individuals use cryptocurrency at a greater proportion than the total adult population. Hispanics make up about 16% of all adults in the US, yet they hold 24% of all cryptocurrency.
As cryptocurrency became more common during 2021, individuals from all generations polled. This includes Baby Boomers, Gen Xers, Millennials, and Gen Z adults. These were more inclined to explore the option of purchasing from US exchange Coinbase.
It is based on the report’s conclusions that Principato believes that bitcoin would rise in 2022. Cryptocurrency and younger generations will be two of the most important causes in the rise in adoption. This is according to a report.
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