Advertisement
According to a recent survey published by Investopedia, 28% of U.S. millennials said they would like to use cryptocurrencies to fund their retirement funds, higher than those who said they would use their savings (25%) and stock investments (27%). Meanwhile, 20% of Gen X and 17% of Gen Z produced similar survey results. The survey was conducted in the spirit of Financial Literacy Month , a financial literacy month , and was conducted for 4,000 adults in the United States between the ages of 18 and 76.
In other areas, about 50% of respondents of all ages rated themselves as having deep financial knowledge in consumption, tax payment, savings, debt management, and insurance management. However, only 27% of those surveyed said that they have an extensive understanding of cryptocurrencies, the lowest score among the 8 concepts listed in the survey
A significant portion of millennials (41%) said they have advanced knowledge of digital assets, this was followed by Generation X and Generation Z, at 30% and 29%, respectively, and finally baby boomers with 8%.
According to the report, the younger the participants were, the lower their expected average retirement age. While most people in the non-retired baby boomers plan to retire at age 68, Gen Z is surveyed wanting to retire at age 57.
To combat domestic financial illiteracy, the U.S. Treasury Department recently launched a new initiative aimed at raising awareness of the risks associated with investing in digital assets. This includes designing educational materials to inform the public how crypto assets work and what differentiates them from traditional investments such as stocks. Treasury officials emphasized the main goal is to "raise awareness without trying to stifle new technology and new innovations."
