Young Australians are now choosing to invest in digital assets over investing in real estate or saving cash in banks. At the same time, close to two million young Australians plan to purchase digital currencies in the next 12 months. Here are the results of a recent survey conducted by YouGov and commissioned by crypto exchange Kraken.
According to the findings, 31% of millennials (those born between the mid-60s and early 80s) and 24% of the generation Z (those born between the late 90s and 2010) see crypto investing as a better alternative to buying real estate. . 22% of millennials (those born between the early 80s and mid 90s) would rather buy crypto than save cash in banks or buy real estate. This data comes after rising property prices in the country, which encourages the younger generation to look into other forms of investment.
Jonathon Miller, Kraken’s general manager based in Australia, said that most of the demand for crypto in the country comes from the younger generation. “Australians still maintain some conservative attitudes towards investment,” Miller said in the report.
“Property is a cultural norm and has been high on most investors’ wish lists, but as affordability remains an issue, we see more young people looking for other options to grow their wealth.”
One in five teens said that crypto can help them save for a home or property investment. The same number said they can use their retirement balance to invest in crypto. 35% of millennials hope to use their retirement savings to buy cryptocurrencies.
21 percent have already bought cryptocurrencies
Of the 1,027 Australian citizens surveyed, 21 percent are already purchasing digital currencies. The survey revealed that 34 percent of millennials and 32 percent of millennials have already purchased cryptocurrencies. Also, 1 in 5 Australians still owns crypto. Most of those planning to buy digital assets next year are men. Of those who plan to invest more in digital currencies in the coming year, 47% earn more than $100,000, while 24% earn less than $99,000.