A study by Morning Consult found that millennials are adopting new technologies to help them make financial decisions faster than any other generation.
Report author and financial services analyst Charlotte Principato combined data from 50,000 different respondents to monthly surveys conducted in the U.S. and abroad from July through December 2021.
By December of last year, about 48% of millennial families had started owning cryptocurrencies. Remarkably, back in June, that number was 30%. During the same period, 20% of all U.S. adults reported that they had also started holding digital assets.
According to the report, Millennials’ use of alternative financial instruments such as cryptocurrencies may be due to the fact that their measures of financial well-being have “consistently remained below average.” Last December, the global average score was 50.98, but the Millennial group remained at 49.54.
The decline in financial well-being has been a trend that has manifested itself as a result of Coivid-19 and rising inflation in the U.S.
The study also noted that cryptocurrency holders are mostly “disproportionately high earning millennials.” 70% of male millennials hold cryptocurrency, and 25% of them earn more than $100,000 a year.
What’s also interesting is that Hispanics have a higher rate of cryptocurrency use than adults in the general population. About 16% of all U.S. adults are Hispanic, but they account for 24% of all cryptocurrency holders.
As cryptocurrency became more popular during 2021, respondents from every generation surveyed, from baby boomers, Generation X, millennials and Generation Z adults, were increasingly considering shopping on Coinbase.