The Gen Z is the most likely to use crypto instead of cash: survey

Gen Z remains the most likely to use crypto instead of cash, with 34% (the highest figure among all age groups). This is according to the survey by Empower, conducted in July 2024 on 1,009 American adults.

Summary

• Gen Z stands out for crypto adoption compared even to the “cash king”
• 55% of Gen Z in the USA already invest in crypto
• The richest generation

Gen Z stands out for crypto adoption compared even to the “cash king”

Gen Z stands out as the age group that most prefers to use crypto. This is stated in the report by Empower, which conducted its survey in July 2024 on 1,009 American adults.

In general, the report highlights how despite the spread of digital wallets and contactless payments, 52% of Americans state that “cash is king.” But among the various generations, different trends have emerged.

In fact, it seems that Generation Z, in particular, stands out for the adoption of cryptocurrencies, with 34% using them (the highest figure among all age groups).

Not only that, another significant fact is that 41% of Gen Z uses digital payment platforms more often than the “re cash”. A figure significantly higher compared to other age groups for which 27% was calculated in general.

In any case, returning to the general perception of cash, half of Americans (49%) also feel safer holding cash compared to other investments.

The main reasons behind the choice to hold onto cash are market uncertainty and the threat of a recession. Here, all generations agree with the following percentages: 44% of Gen X, 42% of Millennials, and 39% of both Gen Z and Baby Boomers.

55% of Gen Z in the USA already invest in crypto

Last year, the FINRA Investor Education Foundation (Fondazione FINRA) had examined directly the Gen Z investor in the USA, meaning those who are in an age range between 18 and 25 years.

From what has emerged, it seems that 55% of Gen Z in the USA have stated that they are already a cryptocurrency investor. Another 41%, on the other hand, define themselves as stock investors.

Not only that, it seems that Gen Z investors in the United States use various resources to learn how to invest.

The results of the report state that this age group gets information about investments and finances primarily through social media (48%), Internet searches (47%), and parents/family members (45%).

Their main online resource is YouTube (60%), followed by Internet searches, Instagram, TikTok, Twitter, Reddit, and Facebook.

Another peculiarity of today’s young people compared to other generations is that of being “risk lovers.” The report highlights that almost half (46%) of Gen Z investors in the USA are willing to take substantial or above-average financial risks.

Half (50%) state that they have made an investment driven by the fear of missing out (FOMO).

The richest generation

Two years ago, the report by Rave Reviews had examined the trends and composition of Gen Z (those born between 1995 and 2010).

The first data point that stood out in his analysis was that this generation will surpass the previous one (Millennials) in terms of absolute wealth by 2031.

A figure that means that in 8 years this generation will quintuple their income.

The report highlighted that Generation Z (or Zoomers) is the one with the highest level of education and also the one with the highest rate of self-education.

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