According to a survey by Kraken, young Australians are less interested in traditional investment options as around one-quarter of them think that the value of money in traditional cash savings is decreasing.
22% of those who answered the survey think that investing in crypto represents a simpler way of saving for a mortgage deposit than using traditional money savings methods, such as storing fiat in a bank account.
Around 40% of Millenials (those born between the early 1980s and late 1990s) consider crypto assets as a safe alternative to buying an investment property. 31% of Gen X (those born between the mid-1960s and the early 1980s) share the same opinion, but only 24% of Gen Z (those born between the late 1990s and 2010) agree.
About half of baby boomers (those born between the mid-1940s and the mid-1960s) have decided not to invest in crypto because of its volatility.
1 in 5 respondents has owned or currently owns crypto assets and 14% declared that they then had an active crypto portfolio. About 85% of those who already own crypto assets are planning on acquiring more.
Jonathon Miller, the Managing Director of Kraken Australian, has declared that while Australia is behind the US when it comes to crypto adoption, the percentage of those who accept crypto in the country is growing, thanks to millennials:
“Australians still maintain some conservative attitudes toward investment. 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.”
He has also mentioned that young Australians are changing the mentality of the country regarding crypto assets:
“We’re confident that as more investors look to diversify their portfolios and seek investment opportunities outside of the traditional offerings we’ll see cryptocurrency come into its own in APAC.”