UK Investment Guides Loader

About 39% of millennials own cryptocurrencies, finds report

written by Bella Palmer
cryptocurrencies

According to a study by investing firm Alto, millennials aged 25 to 40, who own cryptocurrencies, are likely to include them in their retirement portfolio

About 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, according to a report.

According to a study by investing firm Alto, millennials aged 25 to 40, who own cryptocurrencies, are likely to include them in their retirement portfolio.

Over 70% of 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 2,000 US consumers.

 

chart

 

Of the participants, 1,200 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 $2,500 in investable assets and a minimum household income of $35,000 and had yet to retire.

Alto founder and CEO Eric Satz said 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 struggling to afford the present, Satz said.

Meanwhile, 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 millennials believed you have to be ‘very wealthy to invest in alternative investments’ and another 63% believed that ‘alternative investments would likely have high fees.’

In addition, consumers are likely to associate alternatives with equal or greater risk than stock market investing.

Disclaimer:

The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

Share this post with friends!