Investors Show Rising Interest in Crypto, but Financial Illiteracy Hampers Investments – Surveys

Adoption Cryptocurrency Investing Survey USA
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Jaroslaw Adamowski
Author Categories
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Source: AdobeStock / kamiphotos

 

A series of recent polls are indicating a surge in interest in cryptoassets by US investors from across the generational and ethnic spectrum, but obstacles such as financial literacy gaps and inaction in dealings with financial advisors continue to hamper an accelerated crypto adoption by individual investors.

A poll of 4,000 US adults carried out between January 27 and February 7, 2022, by Investopedia showed that 49% of respondents declared to have only a beginner’s understanding of cryptoassets.

This knowledge is unevenly distributed across generations, with 38% of Millennials admitting they own crypto, and 6% of baby boomers declaring to hold crypto. 

Millennials are also those who show the highest confidence in their grasp of the technology, with 41% saying they have an advanced understanding of crypto, according to the poll.

With this in mind, some 28% of Millennials say they intend to use crypto to support themselves in retirement, compared with 20% and 17% of Gen X and Gen Z respondents, respectively. At the same time, crypto is part of the retirement plan for only 5% of baby boomers.

A January 2022 poll of 669 US financial advisors surveyed by financial data and analysis provider Coalition Greenwich sheds more light on the reasons behind the hesitancy shown by some American individual investors towards crypto. 

The poll indicated that two-thirds of financial advisors in the US had discussed crypto and/or digital assets with their customers in the past year. However, for the vast majority of advisors, those talks have not led to action.

As a result, only 15% of financial advisors have either developed an investment strategy or offered an investment product involving cryptoassets to a client, according to the survey.

On a more positive note, a recent survey by Ariel Investments and Charles Schwab Corp. shows that young Black Americans are increasingly embracing crypto as an investment strategy. About 38% of Black investors under the age of 40 own crypto, compared with 29% of their White counterparts, as reported by Bloomberg. 

In total, twice as many Black respondents ranked crypto as the best investment choice in comparison with their White counterparts.

____

Learn more:
About 50% of Surveyed Crypto Owners Made Their First Buy in 2021 – Gemini
The More UK & US Crypto Traders Know, The More They Risk – Survey

45% of Surveyed US Financial Advisors Expect to Use Crypto Per Clients’ Request
More Investors Enter Crypto But Keep Multiple Financial Service Providers – Survey
Clients Increasingly Pushing Advisors to Invest in Crypto

During April BTC Peak, 61% of Surveyed Financial Institutions Said Crypto Access ‘Extremely’ Important
Half of Surveyed Millennial Millionaires Set to Buy Even More Bitcoin, Ethereum in 2022

More Articles

Altcoin News
Franklin Templeton Pursues SEC Nod for New Crypto Index ETF
Shalini Nagarajan
Shalini Nagarajan
2025-02-07 04:30:47
Bitcoin News
Russia’s BitRiver Says Bitcoin Will Hit $160k Before Year’s End
Tim Alper
Tim Alper
2025-02-07 03:00:00
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors