Millennials ‘enthusiastic’ about crypto, as the majority say stock market investments are too risky: new study
A company that allows customers to finance pension accounts with crypto reveals how millennials view stock and digital asset markets.
A new study by Alto examined 1,200 millennials aged 25-40 with at least $ 2,500 in investable assets and $ 35,000 in household income.
Research shows that millennials are excited about virtual assets as 39% of them have crypto. Seventy percent of millennials who own crypto and have an individual retirement account (IRA) also have digital assets in their IRAs.
In terms of interest in digital assets, the vast majority of millennials either own or value crypto. Nearly 40% of millennials own crypto, which is greater than the percentage of millennials who own mutual funds and about equal to the number of millennials who own individual stocks.
Those who own cryptocurrency are likely to include it in their pension portfolio. Over 70% of millennials who own crypto and an IRA hold crypto in an IRA. ”
The survey also reveals that millennials have low confidence in the stock market as 74% of respondents view stock investing as a game.
The data also show that 76% of millennials worry that a market collapse could wipe out their savings, while 65% of them say they can not trust the stock market to provide the annual return it did in the past. Furthermore, 60% of them believe that it is difficult to generate consistent gains in the stock market unless you are a professional investor.
For millennials, the prevailing attitudes towards retirement are stress, fear and confusion. There is a clear concern about the risks of stock market investing. The main concerns for millennials are about “gambling” with investing, lack of faith in the current market and belief in that you need to be a professional investor to succeed …
Predictably, less than half (42%) of millennials are very open to investing in the stock market. Of those who have invested in the stock market, 71% feel that their investment portfolio can be better diversified. “
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Featured image: Shutterstock / hero mujahid / INelson
