A new survey suggests that Generation Z and millennials in the U.S. are more likely to invest in alternative assets like crypto and NFTs than traditional stocks.

The study conducted between Oct. 16 and Oct. 19 2023 and published by the Policygenius Financial Planning Survey on April 9, revealed that 20% of Gen Zers (ages 18-26) and 22% of millennials (ages 27 to 42) surveyed in the U.S. are more eager to invest in cryptocurrencies and nonfungible tokens (NFTs) than representatives of older generations.

The survey, which?featured 4,063 adult respondents in the United States, also showed that Gen Z respondents less frequently own stocks, compared to Gen Xers and 45% of Baby Boomers (18% vs 28%).

According to Policygenius analysts, that may signal changes in investment attitudes among the younger population, including greater willingness to risk but also openness to novel financial alternatives. At the same time, it may be a sign of certain obstacles to traditional investing venues like real estate, for example, the growing housing shortage.

Besides, 9% of Gen Z and 8% of millennials are more likely to look for answers to their financial questions on social media, compared to Gen X (3%) and baby boomers (1%).

These results are in line with an earlier survey conducted in the UK, which revealed that 58% of British youth follow TikTok influencers who talk about budgeting, money, or personal finance. Moreover, 40% of those sticking to social media finance channels say that influencers give better advice than traditional media. Almost half of the respondents used advice from TikTok influencers to make financial decisions like investing in crypto, stocks and shares.

Another report published in April 2023 by Bitget also revealed that 46% of millennials across major global economies, such as the U.S., China, Germany, Japan, Indonesia and Nigeria, own cryptocurrencies.

Younger generations are not only diversifying their investment portfolios with alternative assets but also feel “somewhat proud” of their financial management skills.