Approximately a fifth of America’s Gen Z and Millennials own cryptocurrency but only 20% own real estate, the latest Policygenius 2024 Financial Planning Survey has found. The survey report asserts that Baby Boomers have “benefited greatly from housing wealth,” which now accounts for nearly half of their wealth.
A Fifth of Gen Z, Millennials Own Crypto; Over 60% Have Tried at Least One of Six Financial Hacks
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Boomers Least Interested in NFTs
According to the Policygenius 2024 Financial Planning Survey, about 20% of Gen Z (ages 18 to 26) and 22% of millennials (ages 27 to 42) own cryptocurrency. In contrast, only 5% of surveyed baby boomers and 10% of Gen X reported owning cryptocurrency. A similar trend is observed with non-fungible tokens ( NFTs).
The data shows that 9% of surveyed Gen Z respondents and 8% of millennials reported owning NFTs, while only 4% of Gen X and 1% of baby boomers reported the same. However, when asked about their ownership of traditional assets like bonds, stocks, and real estate, the proportion of baby boomers and Gen X respondents holding these assets far exceeds that of the two younger generations.
Explaining the two younger American generations’ apparent preference for cryptocurrency over traditional assets like real estate, the survey report said:
“Home affordability is at its lowest point since the Great Recession, as a combination of high-interest rates, stagnating incomes, and low housing stock have put homeownership out of reach for many Americans. So it’s not surprising that only 20 per cent of Gen Z and Millennial adults surveyed own real estate.”
The report also asserts that Baby Boomers have “benefited greatly from housing wealth,” which now accounts for nearly half of their wealth. However, the report added that the ongoing housing shortage in the U.S. means younger generations will not enjoy the same advantage.
Hacking Personal Finance
Meanwhile, the survey report suggests that the disadvantaged position of Gen Z and Millennials has encouraged members of these two generations to resort to personal finance hacks. Some of the popular personal finance hacking methods listed in the report include day trading, extreme couponing, and no-spend challenges.
According to the survey data, the maximization of credit card rewards is the only personal finance hacking method that is almost equally popular among all four generations. When asked where they get financial advice, 14% of Gen Z and 18% of Millennials said they received it from a professional financial adviser. Approximately 13% of Gen Z and 17% of Millennials relied on search engines.
Unsurprisingly, both Boomers and Generation X are more reliant on professional advisers and less on search engines and social media, the survey findings showed.
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