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According to an Investopedia survey, one out of every four Millennials is now using cryptocurrency investment to fund their retirement

CJ - Cryptocurrency Expert

According to a recent Investopedia poll, financial literacy instruction needs a major overhaul to keep up with significant generational changes in investing and retirement planning.

In advance of Financial Literacy Month in April, the Investopedia 2022 Financial Literacy Survey questioned 4,000 U.S. adults—1,000 from each of the Gen Z, Millennial, Gen X and Boomer generations—about their financial knowledge, habits, worries and retirement plans. According to the research, many younger Americans are turning to riskier assets to pay for early retirements, and they are consulting social media for advice.

The following are some of Investopedia's most notable findings: 

  • Millennials are equally inclined to invest in Bitcoin (38%) as they are in the stock market (37 percent), 1 in 4 people say they're using cryptocurrency to help fund their retirement
  • Members of Gen Z and Gen X aren't far behind when it comes to investing in cryptocurrency, with 23 percent and 28 percent possessing the digital currency, respectively
  • More than half of Gen Z respondents (53%) expect to retire before the age of 60 and many plan to rely on social security (27%) and cryptocurrency (17%) to support their retirement
  • Non-fungible tokens are held by 10% of Generation Z, 15% of Millennials and 13% of Generation X. (NFTs)

It is also affecting how the next generation is taught about money. Investors in Generation Z: 39% of Gen Z investors claim to learn about investments via YouTube. 30% of those looking for information about personal finance use TikTok.

Internet searches (39%) and chats with friends and family (44%) were also mentioned as valuable information sources.

Despite the rise of innovative technology, conventional financial literacy remains popular. Only one in every three respondents claimed they have advanced investment knowledge, and Gen Z is most likely to want to:

  • Learn how to do their taxes (34 percent)
  • Debt reduction (31 percent)
  • Improve or build their credit score (30 percent)

"Our attitude toward money, investment, and financial planning has shifted dramatically in recent years," Investopedia Editor in Chief Caleb Silver stated. "As millions of people take their first steps into investing, new asset classes like Bitcoin OTC and NFTs have developed. These shifts necessitate a more updated approach to financial education, one that equips individuals of all ages with information about new, emerging, and classic financial goods and services. It is our obligation as financial educators to ensure that we are spreading financial literacy as widely as possible."

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