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According to recent research, nearly more millennials in America predict that they’ll be using cryptocurrency as a way to fund their retirement compared to those who expect to use savings and stock investment.
As part of a survey published by Investopedia, 28% of millennials in the United States have said that they think they’ll use their cryptocurrency in the future as part of their retirement plans. 25% of those polled expect to use their savings, and 27% expect to use their stock investment for retirement.
Generationally, the adoption of cryptocurrency seems to be most focused on the millennial bracket. Compared, 20% of Gen X expect to use cryptocurrency to support their retirement and 17% of Gen Z said the same thing. The survey polled 4,000 adults from the United States, 1,000 each from Generation Z (18-25), millennial (26-41), Generation X (42-57), and baby boomer (58-76) generation, to explore the financial literacy and interest in cryptocurrency across the generations.
Source: Investopedia
Crypto understanding across the generations
Of all those surveyed, 57% are invested in some form of cryptocurrency, but only 30% (1 in 3) adults say that they have advanced knowledge in the space. Only 25% noted that they have comprehensive knowledge of the themes in digital currencies including cryptocurrency, blockchain technology and non-fungible tokens (NFTs).
Of the generations, millennials reported the most understanding, with 44% of the generation noting advanced knowledge in the industry. Generation X stood at 37% followed by Generation Z with 31% and Baby Boomers sat behind with 26% reporting advanced knowledge.
However, nearly half of all respondents (49%) noted that they have at least a beginner’s understanding of the aspects of the digital finance field. Millennials, by far, are the most confident in the space. 41% said that they have a strong understanding of digital currencies, with 39% noting that they’d be confident enough to explain the concept of cryptocurrencies to someone else.
30% of the surveyed adults in Generation Z said they were confident in having a strong understanding of cryptocurrencies, 29% of Generation X said the same thing. In stark comparison, only 8% of Baby Boomers said the same.
Caleb Silver, Editor-in-Chief of Investopedia, commented on the results and research conducted, saying: