Economic Well-Being of U.S. Households included crypto-related activities of citizens in the 2021 report.
Crypto adoption is increasing rapidly and this is dragging the attention of almost every government agency to make suitable decisions to ensure the safety of the citizens. The latest, Economic Well-Being of U.S. Households in the 2021 report included cryptocurrency-related activities for the citizens.
A report conducted its analysis and questioned 11,000 people between October and November 2021. The survey noted that 78% of the young generation is living in a moderated financial situation. This condition of financial living of the young generation population improved by 3%, over the last three years.
The survey noted that 68% of Americans are in a situation, where they can cover their emergency need of $400 funds maximum.
According to previous report of 2020, 12% were holding or using crypto assets, while 11% of the citizens were holding crypto assets for investment purposes. Only 2% of the citizens were using cryptocurrencies in payment use cases.
Reported noted that:
“(Majority of the crypto Investors) were disproportionately high-income, almost always had a traditional banking relationship, and typically had other retirement savings.”
The report also noted that 46% of crypto investors earn $100k per year and 89% of these people have no savings as their retirement funds.
Interestingly, 27% of the people, who uses crypto for transactions or payment purposes, have no credit cards which is 17% down over the total population.
Crypto users, who are using cryptocurrencies in payment methods, are facing some disadvantages because of volatility issues. Almost 25% of these people are not holding any high school diploma.
These data reports are clear hints that young generations are moving toward crypto without giving importance to education.