• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Tuesday, March 28, 2023
Jefferson County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Technology Crytpocurrency

Low Millennial Financial Well-Being Drives Crypto Adoption: Report – Cointelegraph

low-millennial-financial-well-being-drives-crypto-adoption:-report-–-cointelegraph
Share on FacebookShare on Twitter

Millennials are most likely to seek alternative financial services and assets such as crypto, and younger generations are hopping on to the bandwagon leading researchers to expect a crypto boom in 2022.

1850 Total views

37 Total shares

Low Millennial financial well-being drives crypto adoption: report

Data shows that Millennials in the United States are flocking to alternative financing methods such as crypto assets to boost their financial well-being.

A report titled The State of Consumer Banking & Payments by Morning Consult in January found that Millennials are adopting new technologies to help them make financial decisions at a higher rate than any other generation. The author of the report, financial services analyst Charlotte Principato, combined data from 50,000 different respondents to monthly surveys conducted in the U.S. and internationally from July to December 2021.

Principato stated in email comments to Cointelegraph today that the increase in the use of cryptocurrency in 2021 was an outlier among the statistics that jumped out to her while putting together the report. She said,

“Although a volatile asset, cryptocurrency has successfully held the interest of consumers around the world and continued to grow.”

By last December, about 48% of Millennial households owned cryptocurrency, up from only about 30% in June. During the same time period, 20% of all U.S. adults reported owning cryptocurrency.

4cb578e5 cb50 4c77 a89d 9ce199e20f0a
Source: Morning Consult

Millennials’ use of alternative financial services such as cryptocurrencies may be due to the fact that they suffered from financial well-being scores which remained “persistently lower than the national average” since June 2021, according to the report. The global average by last December was 50.98, but the Millennial group lingered at 49.54. 

Principato told Cointelegraph that reduced financial well-being was a trend she noticed over the last seven months. She attributes the decline to “the Delta and Omicron variants, and rising inflation in the U.S., which has not fully recovered.”

Morning Consult’s website states that The financial well-being score is determined by a scale that “includes 10 questions for gauging present and future security and freedom of choice, touching on consumers’ control over their finances, their capacity to absorb financial shocks and their trajectory to meet their financial goals.”

dd00a608 a4af 4358 b726 be25105f8240
Source: Morning Consult

While Millennials in general are the leaders, crypto owners are “disproportionately high-earning Millennial men.” 70% of Millennial men use crypto, 25% of them earning over $100,000 annually. 

Interestingly, Hispanic people have a higher rate of crypto use than their representation in the general adult population. About 16% of all U.S. adults are Hispanic, but they account for 24% of all crypto owners.

7bf87439 3f1e 4466 84d1 91908801874c
Source: Morning Consult

As cryptocurrency became more mainstream throughout 2021, respondents from every generation polled from Baby Boomers, Gen Xers, Millennials, and Gen Z adults were increasingly likely to consider making purchases from U.S. exchange Coinbase. 

Related: 70% of US crypto holders started investing in 2021: Report

The results from the report led Principato to conclude that “Cryptocurrency will boom in 2022.” The report stated that the adoption of crypto and onboarding younger generations will be two main factors leading to the boom.

Jefferson County News Online

© 2021 Jefferson COunty News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Jefferson COunty News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT