Kids are more familiar with crypto than their parents, according to T. Rowe Price’s latest survey, and 40% of the children will invest in crypto as they believe it is the future of investing.
The 2022 Parents, Kids and Money Survey, conducted by online market research firm Dynata, sampled more than 2,000 parents and their 8- to 14-year-old children.
Fifty-seven percent of kids surveyed said they were familiar with cryptocurrency, compared with 47% of parents. Among the parents who are familiar with cryptocurrency, 32% say that their kids actively trade crypto more than they do. Asked what they would do if given $100, 29% of the children said they would invest it. More than half or 57% of children said they would invest it in cryptocurrency, while 38% said they would invest in traditional stocks.
On the other hand study from Investopedia shows that most U.S. adults have a beginner’s understanding of cryptocurrency, but plan on using such assets as a key source of retirement funds, and that millennials is the generation that invests in cryptocurrencies the most with 38% according to a new multi-generational financial survey.
Investopedia asked 4,000 U.S. adults—1,000 each from Generation Z (18-25), millennial (26-41), Generation X (42-57), and baby boomer (58-76) generations—about their financial know-how, habits, worries, and retirement plans. The results of this survey shown that about half of all adults feel they have a understanding of finance.
Also in the pool results shows that 28% of millennials expect to use cryptocurrency to financially support themselves in retirement, while 20% of Gen X and 17% Gen Z. Cryptocurrency and stocks are the most popular assets held by Gen Z, Millennial, and Gen X investors, but overall, many Americans (49%) have only a beginner-level understanding of digital currency.
Internet is the main source for investing and financial education for the young generations: 45% of Gen Z use YouTube, and 30% turn to TikTok. Almost half of Millennials 47% prefer internet searches 47% and 40% respond that YouTube is the main source for education.
Looks like crypto adoption is happening very fast, even faster than the early days of internet in the ’90s and millennials are the most involved.