Compared to the global average, the lower financial well-being seen among US millennials may be related to their increased interest in alternative financing methods, according to data published in a recent report from morning consultation.
Amid growing financial vulnerability, roughly every other millennial in the US owns cryptocurrency, however Gen Z adults have also caught on to the trend and their share is growing rapidly.
Financial Wellness Score
According to the report, the financial fitness score is “a reflection of consumers’ impressions of their financial security and freedom of choice,” and according to monthly surveys of 2,200 to 4,400 American adults, this particular demographic is experiencing hard momment. finding both.
Financial wellness scores: All American adults compared to millennials (Source: Morning Consult)
Millennials score well below average globally, with the exception of Spain and Latin America, the report noted. However, American and Canadian millennials are doing particularly badly.
Financial well-being of millennials in all countries (Source: Morning Consult)
To meet their wide range of financial goals and needs, millennials are more likely to seek financial advice and be more social about their finances than other demographic groups, the report found.
“Far from being shy, millennials are more likely than other generations to disclose their finances,” the report says, adding that millennials tend to use multiple financial service providers simultaneously.
Driving the adoption of cryptocurrencies
“Trying to be the only bank a millennial works with is an exercise in futility,” said financial services analyst Charlotte Principato, who summarized the data and wrote the report, explaining that the digitally savvy age group is also “driving the use of alternative financial services, cryptocurrencies and BNPL services”.
According to the report, cryptocurrencies have entered the mainstream in the US, with nearly one in four participants (24%) reporting that they own their homes.
Cryptocurrency ownership compared to other forms of investment (Source: Morning Consult)
The percentage of adults who own cryptocurrency is roughly equal to that of those who own a certificate of deposit. Furthermore, cryptocurrency ownership is not lagging behind the proportion of those who report having a brokerage account.
According to the report, almost every other millennial in the US owns some form of cryptocurrency.
Household Cryptocurrency Ownership by Generational Group: Surveys Conducted Monthly Among Representative Samples of 2,200 or 4,400 U.S. Adults (Source: Morning Consult)
However, “Generation Z adults have also shown strong growth in cryptocurrency ownership and will continue to be critical to the success of cryptocurrencies in general,” Principato concluded.
Posted In: USA, Adoption
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