Gen Z and Millennials are almost equally owners cryptocurrency according to recent data from Policygenius’ 2024 Financial Planning Survey released Tuesday.
When you purchase a house it becomes increasingly inaccessible For most potential homeowners across the country, a mean of just 20% of Gen Z adults and millennials own a home, according to the survey. In comparison, a mean of 21% of respondents in the identical age groups said they owned cryptocurrencies.
The divide is even greater: Just 13% of Gen Z (currently defined as those aged 18 to 26) own real estate, and 20% own cryptocurrency. Meanwhile, 24% of millennials (aged 27 to 42) say they own real estate and 22% own cryptocurrencies.
read more: : Millennial and Gen Z “Nepo-homebuyers” will soon flood the housing market
(Policygenius commissioned YouGov to survey 4,063 Americans aged 18 and over between October 16-19, 2023)
This is not surprising given the tight U.S. housing market. While for older generations, owning a home was a milestone and certainly one of their earliest (and largest) investments, for a lot of this dream is out of reach.
House prices increased by 6.4% in February compared to a yr earlier, and the typical price was $412,227, according to Redfin. Mortgage rates have also remained elevated well above pre-pandemic levels as a results of the Federal Reserve Bank’s anti-inflation campaign, which has left rates of interest with the best level in 23 years from 5.25% to 5.5%.
Average rate of interest for a 30-year mortgage circles around At 7%, the share stays almost double what it was just five years ago, according to Bankrate’s weekly nationwide survey of huge lenders.
In one other major generational divide between Gen Z and Baby Boomers, more Gen Zers said they owned cryptocurrency slightly than stocks. Meanwhile, just 10% of baby boomers (aged 59 to 77) reported owning cryptocurrency, and 27% reported owning stocks.
But it is not for lack of desire. Nearly two-thirds of Gen Z and Millennials consider the stock market is… a excellent place to accumulate wealth and invest– according to the Youth & Money within the USA survey conducted at the top of January by CNBC and Generation Lab. However, many simply would not have enough savings or leftover money to invest.
A study by the Federal Reserve Bank of Richmond found that as people age they invest more and more your money on the stock market. However, with alternatives such as cryptocurrencies and immutable tokens, it’s also possible that younger generations will turn to other investment methods, even as they age.
Credit : qz.com
