Alto's latest survey showcases that crypto is way more popular among millennials located in the US when compared to mutual funds.
A France-based independent investing company Alto has recently shared the results of its survey, dubbed “How Millennials See Their Financial Future.” The results revealed some interesting insights on how people aged from 25 to 40 and living in the United States invest in crypto and mutual funds.
For instance, according to the survey, almost 40% of millennials have already invested in digital assets and own some sort of crypto, which shows that this number is far “greater than the percentage of millennials who own mutual funds.”
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The report also indicated that those who already have cryptocurrency in their possession would essentially add it to their retirement portfolio. “Over 70% of millennials who own crypto and an IRA, hold crypto in an IRA,” Alto survey read.
Eric Satz, CEO of Alto, mentioned that the current crypto bear market is somewhat responsible for the fact that millennials stopped investing, he added:
“In a world of conspicuous consumption, soaring living costs, and mounting student loan debt, millennials find it difficult to invest for the future because they are struggling to afford the present.”
For some other statistics, 74% of millennials think that pouring money into the stock market should be considered gambling, whereas 70% formed an opinion that such actions are way too dangerous. On top of that, 76% of people in the particular age group believe that they could be essentially left without any savings if the bears continue to reign supreme on the crypto market.
Earlier in June, another survey conducted by Goldman Sachs, a NY-based investment bank, revealed some statistics surrounding insurers' adoption of crypto. The results indicated that 11% of US insurance-based companies have already invested in crypto or are planning to do so.
Likewise, Blockware Intelligence, a research arm for Blockware Solutions, also recently carried out research that showed that Bitcoin (BTC) might be adopted faster than technological disruptions, including social media or the internet itself.
