A new survey suggests that young Americans are more likely to own cryptocurrencies than stocks, signaling a shift in financial assets and investment strategies from those preferred by older generations. 

The study, which was conducted between Oct. 16 and Oct. 19 and published by the Policygenius Financial Planning Survey on April 9, featured 4,063 adult respondents in the United States. The survey revealed that 20% of Gen Zers (ages 18-26) and 22% of millennials (ages 27 to 42) are much more likely to invest in alternative assets like cryptocurrencies and nonfungible tokens (NFTs) compared to their older counterparts.

The survey also revealed that 18% of Gen Z respondents said they own stocks, against 28% of Gen Xers and 45% of Baby Boomers.

Policygenius analyst Myles Ma wrote,

"Younger generations store their wealth differently than their Gen X and boomer counterparts, including novel investments like cryptocurrency. This could show a bigger willingness to take risks with their money, but it could also reflect obstacles they can’t control, like the growing housing shortage.”

In addition, 9% of Gen Z and 8% of millennials said they are likely to turn to social media first with a financial question, compared to Gen X (3%) and baby boomers (1%).

Related: ‘Unsustainable’ deficit, inflation mean more demand for Bitcoin: Grayscale

Beyond crypto specifics, the survey highlights the financial attitudes of young investors. Despite the complexities of navigating modern financial landscapes, these Gen Zers and Millennials feel “somewhat proud” of their financial management skills. This sentiment sheds light on younger Americans’ proactive approach toward financial literacy and independence.

Earlier studies have also suggested that Gen Z and Millennials tend to have the highest cryptocurrency adoption rates out of all population groups. In April 2023, a Bitget study revealed that 46% of millennials across major economies, such as the U.S., China, Germany, Japan, Indonesia and Nigeria, own cryptocurrencies.

The previous year, in October 2022, another survey by Charles Schwab showed that approximately 50% of Gen Z and millennials want their retirement funds in digital assets. The study also found that 43% of Gen Z and 47% of millennials already invest in cryptocurrencies outside their 401(k) retirement.

All these surveys paint a picture of how younger generations are diversifying their investment portfolios beyond real estate and traditional stocks, leaning heavily into the realm of cryptocurrencies.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.