Young Australians now prefer digital asset investments to real estate investments or stacking cash in banks. At the same time, four million Australians plan to buy digital currencies in the next 12 months, third of who are millennials. This is according to the results of a recent survey done by YouGov and commissioned by the Kraken crypto exchange.
According to the findings, 31% of Gen X or those born between the mid-60s and early 80s, and 24% of Gen Z or those born between the late 90s and 2010, regard crypto investment as a better alternative to purchasing real estate. 22% of Millenials or those born between the early 80s and mid-90s prefer buying cryptocurrencies to stacking cash in banks. In contrast, half of the surveyed baby boomers said they are not invested in crypto due to its volatility.
This data comes in the wake of rising real estate prices in the country, which is encouraging the young generation to look at other forms of investing.
Jonathon Miller, Kraken’s Australia-based managing director, said much of the crypto demand in the country come from the young generation.
“Australians still maintain some conservative attitudes toward investment,” Miller said in the report. “Property has been a cultural norm and high on the wish list for most investors, but as affordability continues to be an issue, we’re seeing more young people look for other options to grow wealth.”
One in five young people said crypto can help them save for a home or property investment deposit. About the same number said they could use superannuation balance to invest in crypto. 35% of millennials hope to use retirement savings to buy cryptocurrencies.
Already buying crypto
Already 21 percent of the surveyed 1,027 Australian nationals are buying digital currencies. The survey found out that 34 percent of millennials and 32 percent of Gen Z are already buying cryptocurrencies. Further, 1 in 5 Australians have owned crypto at some point and 14% of them are still HODLing.
Most hodlers said they intend to increase their assets in the next year, according to the survey. However, most of these said they plan to sell cryptocurrencies during the next year.
Most of those planning to buy digital assets next year are men at 27% compared to women at 14%. 47% of all those who plan to invest more in digital currencies in the next year earn more than $100,000 while 24% earn below $99,000.