Generation Z most likely to use crypto over cash: survey

At 34%, Generation Z remains the most likely to use cryptocurrencies instead of cash (the highest among all age groups). This is according to Empower’s survey conducted in July 2024 among 1,009 American adults.

Generation Z stands out in adopting cryptocurrencies even compared to the “King of Cash.”

Generation Z is the age group that most prefers to use cryptocurrencies. This emerges from the report by Authorizewhich conducted its survey of 1,009 American adults in July 2024.

In general, the report highlights that despite the proliferation of digital wallets and contactless payments 52% of Americans say “cash is king.” But between different generations Different trends have emerged.

In fact, it seems so Generation Zparticularly stands out the adoption of cryptocurrencies, at 34% they use (the highest number among all age groups).

In addition, this is another important fact 41% of Generation Z use digital payment platforms more often than “re-cash”. A significantly higher value compared to other age groups, for which a flat rate of 27% was charged.

Going back to general perceptions of cash, half of Americans (49%) also feel safer holding cash compared to other investments.

The main reasons for choosing to hold on to cash are market uncertainty and the threat of a recession. Here, all generations agree with the following percentages: 44% of Generation X, 42% of Millennials and 39% of both Generation Z and Baby Boomers.

55% of Gen Z in the US are already investing in crypto

Last year, the FINRA The Investor Education Foundation (Fondazione FINRA) examined directly the Gen Z investor in the USAi.e. people between the ages of 18 and 25.

From what has come out of it, it seems so 55% of Gen Z in the US have said they are already cryptocurrency investors. A further 41%, however, describe themselves as stock investors.

Additionally, Gen Z investors in the US appear to be using various resources to learn how to invest.

This is what the results of the report say This age group learns about investments and finances especially through social media (48%), internet searches (47%) and parents/family members (45%).

Their top online resource is YouTube (60%), followed by internet searches, Instagram, TikTok, Twitter, Reddit and Facebook.

Another special feature of today’s youth compared to other generations is that of being “Risk lover.” The report highlights that nearly half (46%) of Gen Z investors in the U.S. are willing to take significant or above-average financial risk.

Half (50%) say they made an investment out of fear of missing out (FOMO).

The richest generation

The report was published two years ago Enthusiastic reviews had investigated that Trends and composition of Generation Z (those born between 1995 and 2010).

The first data point that stood out in his analysis was this This generation will surpass the previous generation (Millennials) in terms of absolute wealth by 2031.

A number that means that In 8 years this generation will increase their income fivefold.

The report highlighted that Generation Z (or Zoomers) is the generation with the highest level of education and also the highest rate of self-education.