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A new survey released on Tuesday shows that younger generations are more inclined to invest in cryptocurrency compared to traditional stocks. According to the 2024 Policygenius Financial Planning Survey, about 18% of Generation Z own stocks, while 20% own cryptocurrency. This trend indicates a shift in financial planning strategies among young demographic groups, placing more importance on digital assets.
The survey was conducted by YouGov on behalf of Policygenius in mid-October, with 4,063 Americans aged 18 and over participating, with an average margin of error of +/-2%. The findings reveal a stark contrast in investment preferences between generations, with only 33% of Boomers owning stocks and just 5% investing in cryptocurrency.
Myles Ma, a certified personal financial advisor at Policygenius, underscored the evolving wealth storage models of younger generations, which also include adopting new investments like cryptocurrency. Ma suggested that this change might indicate a willingness to take risks concerning young investors’ financial situations and could be influenced by factors such as housing shortage.
Interestingly, a similar conclusion was reached in May of the previous year by the Financial Industry Regulatory Authority Foundation and the CFA Institute. Their surveys revealed that about 56% of Generation Z own some type of investment, with 55% investing in cryptocurrency and 41% investing in individual stocks, highlighting the increasing popularity of digital assets among young investors.
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