Investing firm Alto recently surveyed adults based in the United States to find out their preferences in investing. The results show that more millennials aged 25 to 40 are investing in crypto than in mutual funds.
The report, dubbed “How Millennials See Their Financial Future,” reveals that nearly 40% of millennial respondents have invested in cryptocurrencies. According to the report, this is “greater than the percentage of millennials who own mutual funds.” Moreover, the percentage is almost equal to those millennials who own stocks.
The report also notes that most millennials either already own crypto or are considering buying . However, Alto founder and CEO Eric Satz said that current conditions make it hard for them to consider investing. He explained:
“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.”
Meanwhile, survey participants currently holding crypto mentioned that they are likely to add crypto to their retirement portfolio. The report highlights that 70% of millennials who own crypto and have an individual retirement account hold their digital assets in their IRA.
Related: 75% of retailers eyeing crypto payments within 24 months: Deloitte
Earlier in June, another survey showed that high-net-worth individuals are also embracing crypto. According to the “World Wealth Report,” 71% of wealthy participants have invested in digital assets such as crypto, nonfungible tokens (NFTs) and exchange-traded funds.
The same month, a report from research firm Blockware Intelligence showed that Bitcoin (BTC) adoption might surpass the adoption rate of other technological disruptions such as smartphones, the internet and social media.