New “Millennials with Money” Report: Over 25% of “Affluent” Millennials Have or Use Cryptocurrency
Edelman is a communications and market firm, and they have recently released a report called “Millennials with Money,” a self-proclaimed “follow-up” to a 2016 report that discussed the generation’s relationship with money. Based on their calculations, approximately one-fourth of the group said that they use or hold cryptocurrency, though an additional 31% consider themselves to be “interested.”
Based on the report, this study used a survey to conduct research on “1,000 affluent Millennials (defined here as having at least $50K in investable assets or $100K in individual or joint income) with comparison groups of non-affluent Millennials and affluent Gen Xers.”
Right now, millennials are the largest living generation, making up over a quarter of the population within the United States. The report calls them the “most diverse” and “most educated” group and refers to them also as the “first ‘digital natives.’” They have been raised in a time where they’ve experience both immense prosperity and equally immense “economic security,” making them “incredibly nuanced.”
As this generation enters the financial services market with their own investments, the industry aims to understand exactly what they want and the role that they could play in the fiscal future of the country. According to Edelman, “Millennials with Money is designed to give the financial services industry an understanding of how more affluent members of this generation differ from their Generation X predecessors and how they are likely to change the financial services landscape in general.”
The millennial generation has allowed these investors to be raised in a world that is flush with technological progression, and the report even suggests that the group “eagerly embraces disruption.” To help along with their investments, rather than seeing a broker, approximately 23% of the survey participants look to robo-advisors for help. The full 29-page report can be downloaded from Edelman’s official website with the following link: https://www.edelman.com/sites/g/files/aatuss191/files/2018-10/Millennials-With-Money-2018.pdf.
Though Edelman has performed a great amount of research to come to these conclusions, other data sources have taken the time to evaluate the group as well. An online survey, hosted by YouGov Omnibus, discovered similar results as it took in information from 1,202 adults. The participants expressed an interest in cryptocurrency alone, opting to completely eliminate the U.S. Dollar if they could.
The official YouGov website report said, “Of the people who believe that cryptocurrencies will become widely accepted, over one-third (36%) say they would be interested in converting to primarily using a cryptocurrency rather than the US dollar. However, a majority (57%) say they would not be interested in converting away from the US dollar. Millennials are almost equally split between being interested (48%) and not interested (50%).” To see the full results of their research, follow the link at https://today.yougov.com/topics/finance/articles-reports/2018/09/06/cryptocurrency-bitcoin-popular-americans for the 23-page report.
Coin.dance also pursued a report for their own use, discovering that over half of the users in the cryptocurrency market are classified as a millennial. Bitcoinist reported, earlier this year, that they are the generation that is most likely to opt for cryptocurrency over a stock investment. After the 2008 financial crisis, millennials have remained apprehensive of stock investments, looking at it as an option to save up for retirement. This trend is echoed, and even amplified, in South Korea, which is known as one of the countries with the biggest growth for crypto adoption.