American Zoomers Choose Crypto Investments Over Other Forms of Investment
The Financial Industry Regulatory Authority (FINRA) found that one in two U.S. zoomers preferred crypto as their first investment.
The FINRA reps conducted a massive survey which found that 55% of U.S. citizens aged 18 and younger chose cryptocurrency as their first financial investment. The top three most popular investments also included stocks (41%) and mutual funds (35%).
The average investment volume among zoomers was $4,000, although the researchers noted that this figure fluctuated widely across different subgroups. For example, women invested about $3,000, while men invested around $5,000. A similar stratification is observed between white investors ($5,000) and people of color ($2,000).
The main reasons for investing in crypto are massive advertising and a low entry threshold compared to other financial markets. Among those surveyed, 57% cited general hype and FOMO as reasons for investing in cryptocurrency assets. The survey included 2,872 respondents from various countries born between 1997 and 2012.
Canada had the largest number of crypto investors — 57%, followed by British residents in second place — 50%. The least interested in crypto investments are Gen Zs from China.
The researchers also point out that representatives of Generation Y, millennials, exceed zoomers in the level of interest in cryptocurrencies. For example, 57% of millennials chose crypto as their first investment. Older generations don’t show as much interest in digital assets.
About half of the zoomers and millennials in the U.S. consider investments in the cryptocurrency market as retirement savings.