75% of Young Americans are Pro Crypto for Wealth Generation: Survey

Vinod Dsouza
us 1 dollar bill note crypto
Source: Coindesk.com

The majority of young investors are ignoring the traditional financial sectors such as the stock market, gold, and bonds. A recent survey conducted by the Bank of America sheds light that young investors in the US believe that the greatest opportunity to generate wealth lies in cryptocurrencies.

Young Americans do not think it’s possible to achieve above-average returns with traditional stocks, bonds, and gold.

The survey concluded that a staggering 75% of young Americans believe that the crypto markets can deliver better returns than the traditional financial markets.

Also Read: Nasdaq 100 Index Declines For the 1st Time Since 2008 Crash

75% of the participants aged between 21 to 42 think cryptos are the only sector that can satisfy their financial aspirations. Only 32% of investors above the age of 43 think that cryptos can deliver better returns.

Investors above the age group of 43 believe that the US equity markets offer the best opportunity for financial growth. The participants answered that the stock markets have a much better future than the crypto markets. You can read more about the survey from BOA here.

Also Read: Which is The Fastest Growing Crypto Region in the World?

Parents Are Not A Fan Of Cryptos

Source: EconomicTimes.com

Bank of America surveyed the parents of these youngsters and data shows that the elderly are not into cryptos. 68% of parents surveyed stated that they’ve openly talked about financial planning with their children.

However, only 51% of the surveyed parents think that their children are prepared to handle finances maturely. The other half think that their children are not well equipped to understand or handle finances.

Also Read: Fed’s Barr Says Crypto Is Unlikely To Become a Fiat Substitute

The survey highlights a clear division between the young and the old in terms of wealth-creating opportunities. Youngsters are influenced by the crypto markets and the older generation has faith in the traditional stock markets.

Nonetheless, both financial sectors create opportunities to generate wealth if investors hold on to the long term and are timed well. One cannot put down the other sector as both markets are vehicles of wealth creation.