Millennials in the United States are choosing alternative methods such as crypto assets to increase financial well-being. Read more here.
Data shows that Millennials in the United States are flocking to choose alternative financing methods such as crypto currency to improve their financial well-being.
A report entitled ‘The State of Consumer Banking & Payments by Morning Consult’ in January found that Millennials are adopting new technologies to help them make financial decisions at a higher rate than other generations.
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The report’s author, financial services analyst Charlotte Principato, combined data from 50,000 different respondents for a monthly survey conducted in the United States and internationally from July to December 2021.
Launching from CointelegraphMonday (21/02) Principato stated that the increase in the use of crypto currency in 2021 is foreigners among the stats jumping at him while compiling the report. She says:
“Although volatile assets, crypto currency has succeeded in attracting consumers around the world and continues to grow.”
As of last December, around 48% of Millennial households had crypto currency, up from only about 30% in June. Over the same time period, 20% of all US adults reported having crypto currency.
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The use of millennial generation of alternative financial services such as crypto currency this may be due to the fact that they suffer from financial well-being scores that have remained persistently lower than the national average since June 2021, according to the report. The global average last December was 50.98, but Millennials held on to 49.54.
Principato said that reduced financial well-being was a trend he had noticed over the past seven months. He attributed the decline to the Delta and Omicron variants, and rising inflation in the US, which has not fully recovered.
The Morning Consult website states that the financial well-being score is determined by a scale that includes 10 questions to measure current and future security and freedom of choice, touching on consumers’ control over their finances, their capacity to absorb financial shocks and their trajectory to meet their financial goals.
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While Millennials are generally leaders, crypto owners are disproportionately high-earning Millennial men. Seventy percent of Millennial men use crypto, 25% of them earn over $100,000 per year.
Interestingly, Hispanics have higher rates of crypto use than their representation in the general adult population. About 16% of all US adults are Hispanic, but they account for 24% of all crypto owners.
When crypto currency becoming more mainstream throughout 2021, respondents from every generation surveyed, from Baby Boomers, Gen Xers, Millennials and Gen Z adults are increasingly likely to consider making a purchase from a US COINBASE exchange.
The results of the report led Principato to conclude that “crypto currency will boom by 2022.” The report states that the adoption of crypto and orientation the younger generation will be the two main factors causing the explosion.
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