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According to a study conducted by Bank of America, investors younger than 43 are 7.5 times more likely than investors older than 43 to include cryptocurrency in their portfolios.
Where do they see opportunities for investment growth if the youngest generation lacks confidence in stocks?Alternatives, such as cryptocurrencies, which make up their top choice1 option,” the bank penned.
The Bank of America 2022 Private Bank Study of Wealthy Americans was released this week. Young wealthy Americans prefer cryptocurrency to stocks.
21 to 42 age group holds just a quarter of their portfolio in stocks
The findings of an online survey of 1,052 adults over the age of 21 with household investable assets of more than $3 million are highlighted in the report. The bank noted that the respondents are not necessarily Bank of America customers but rather a nationally representative sample of the high-net-worth population in the United States.
According to conventional investment advice, younger investors hold more stocks than older investors do.However, only a quarter of investors aged 21 to 42 have a stock portfolio, compared to 55% of investors aged 43 and older, the report explains.
pointing out that, in the event that the younger generation lacks faith in stocks, where do they see growth opportunities for investments?Alternatives, such as cryptocurrencies, which make up their top choiceOne option.
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Young Investors turn to social media for crypto guidance
While only 7% of the older group agreed, 29% of younger people stated that cryptocurrency presents a leading opportunity to create wealth.
The report adds that the younger generation generally has a greater interest in sustainable or ESG-related investments, as well as private equity or debt.
Age is the predominant factor when it comes to interest in cryptocurrencies, Bank of America emphasized, elaborating that younger people are 7.5 times more likely than older people to have crypto in their portfolios and five times more likely to say they understand it quite well, despite the fact that overall usage is low.
Half of the younger group said they turn to social media for guidance on crypto, compared with 30% of the older group, the survey added.
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