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The Gen Z is the most likely to use crypto instead of cash: survey

Author: Content Editor
A survey conducted by Empower in July 2024 reveals that Gen Z is the age group most likely to use cryptocurrencies instead of cash, with 34% of respondents in this group using them. This figure is the highest among all age groups. Additionally, 41% of Gen Z uses digital payment platforms more often than cash. Despite the rise of digital wallets and contactless payments, 52% of Americans still consider cash to be their preferred form of payment. The survey also shows that 49% of Americans feel safer holding cash compared to other investments, with market uncertainty and the threat of a recession being primary concerns. The report also highlights that 55% of Gen Z in the USA identify as cryptocurrency investors, and they primarily gather investment information through social media and internet searches. Another notable characteristic of Gen Z investors is their willingness to take significant financial risks, with 46% of them being open to such risks. Furthermore, 50% of Gen Z investors admit to making investments driven by the fear of missing out. The report concludes that Gen Z is on track to surpass Millennials in terms of absolute wealth by 2031, as this generation is highly educated and engaged in self-education.

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