Report: 75% of millennials don’t trust banks, 25% invest in crypto
According to the research published by the U.S. PR giant Edelman, the distrust of the young Americans in traditional currency and banks is steadily growing. 75 percent of the respondents indicated that they feared that another financial crisis was approaching soon. Additionally, the research noted that over 31% of millennials are interested in actively using cryptocurrencies, while 25% of them already hold digital crypto assets.
Edelman involved respondents from the affluent millennial group – those who either make over $100,000 a year, or have at least $50,000 in invested assets. Based on their financial behavior, young Americans prefer ‘cash’ savings a lot more than bank savings due to privacy concerns, which ties up with the appeal of blockchain technology and cryptocurrency in general.
Additionally, some of Edelman’s respondents expressed their concerns, stating they really wish they would have bought crypto sooner, referring to the enormous rise in value Bitcoin and other coins have gone through within a very short period of time. According to Deidre Campbell, Edelman’s Global Chair of Financial Services, millennials hope that blockchain and distributed ledger technologies will pave the path toward increased financial security and data ownership.
The report also presents a drastic shift in the attitude Millennials have in regards to their finances. For instance, back in 2016 in a similar report, over 82 percent of young Americans trusted banks with their investments. However, bank frauds, rising geo tensions, data leaks, and absence of privacy all naturally drove millennials away from traditional financial institutions to the opportunities of the crypto market.