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,
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.
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
Read more on cointelegraph.com
