The data show that millennials in the United States are flocking to alternative financing methods such as cryptocurrencies to improve their financial well-being.
A January report by Morning Consult, entitled The State of Retail Banking and Payments, found that millennials are embracing new technology to help them make financial decisions faster than any other generation. The author of the report, financial analyst Charlotte Principato, collected data from 50,000 different respondents for monthly surveys conducted in the United States and abroad from July to December 2021.
Principato said in an email to Cointelegraph on February 17 that the increase in the use of cryptocurrency in 2021 was unclear among the statistics she adhered to during the preparation of the report. She said ,
“Despite the fact that cryptocurrency is a volatile asset, it has managed to capture the interest of consumers around the world and continues to grow.”
In December last year, around 48% of millennial households owned crypto, up from 30% in June. During the same period, 20% of all adults in the United States reported owning cryptocurrency.
Source: Morning consultation
According to the report, millennials’ use of alternative financial services such as cryptocurrencies may be due to the fact that their level of economic well-being has remained “consistently below the national average” since June 2021. The global average was 50.98 in December last year. years, but the Millennium group remained at 49.54.
Principato told the Cointelegraph that declining financial well-being was a trend she had noticed in the last seven months. She attributed the decline to “delta and omicron variables, rising US inflation that has not fully recovered.”
The Morning Consult’s website states that financial well-being scores are measured on a scale that “consists of 10 questions that measure current and future security and freedom of choice, consumer control over their finances, their ability to absorb financial shocks and their path to achieving their goals.” economic objectives. ”
Source: Morning consultation
While millennials are generally the leaders, crypto owners are disproportionately “millennials”. Seventy percent of millennials use cryptocurrency, and 25 percent earn more than $ 100,000 a year.
Interestingly, Latin Americans have a higher frequency of cryptocurrency use than the general adult population. About 16% of American adults are Hispanic, but they make up 24% of all cryptocurrency owners.
Source: Morning consultation
As crypto became more popular in 2021, respondents from all surveyed generations, from baby boomers, generation X, millennials, and top generation Z, increasingly considered trading on Coinbase in the United States.
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The findings of the report led Principato to conclude that “there will be a crypto boom in 2022.” The report states that the use of cryptocurrency and care for the younger generation will be key factors that lead to prosperity.
