A firm allowing clients to fund retirement accounts with crypto is revealing how millennials view the stock and digital assets markets.
A new study by Alto surveyed 1,200 millennials aged 25-40 with at least $2,500 in investable assets and $35,000 in household income.
The research finds millennials are enthusiastic about virtual assets as 39% of them hold crypto. Seventy percent of millennials who own crypto and have an individual retirement account (IRA) also hold digital assets in their IRAs.
“When it comes to interest in digital assets, the vast majority of millennials either own crypto or are considering it. Almost 40% of millennials own crypto, which is greater than the percentage of millennials who own mutual funds and about equal to the number of millennials who own individual stocks.
Those who own cryptocurrency are likely to include it in their retirement portfolio. Over 70% of millennials who own crypto and an IRA, hold crypto in an IRA.”
The survey also reveals that millennials have low confidence in the stock market as 74% of those surveyed view equity investments as a gamble.
The data also shows that 76% of millennials worry a market collapse could wipe out their savings while 65% of them say they can’t count on the stock market to provide the annual returns it did in the past. Furthermore, 60% of them believe that it’s difficult to generate consistent gains in the stock market unless one is a professional investor.
“For millennials, the prevailing attitudes toward retirement are those of stress, fear and confusion. There is a clear concern about the riskiness of stock market investing. The main concerns for millennials revolve around the ‘gamble’ of investing, a lack of faith in the current market and the belief you need to be a professional investor to be successful…
Predictably, less than half (42%) of millennials are very open to investing in the stock market. Of those who have invested in the stock market, 71% feel that their investment portfolio could be better diversified.”
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Source: https://dailyhodl.com/2022/07/05/millennials-enthusiastic-about-crypto-as-majority-say-stock-market-investing-is-too-risky-new-study/