Coinbase‘s recent Q3 “The State of Crypto. Age, Access, and Agency” report, conducted in collaboration with Bovitz and Morning Consult, presents a grim picture of the American financial system. A mere 7% of those surveyed believe the system works in their favor. This number is even more startling when considering that less than 10% of the general populace expressed approval for the current financial framework.
Gen Z and the confusing and inadequate financial system
A clear generational divide emerges from the data. Millennials label the system as “outdated,” echoing their frustrations, while Gen Z finds it “confusing” and “inadequate.” These feelings reflect the unique financial challenges these younger generations face. Amid this dissatisfaction, a silver lining emerges: approximately 40% see promise in crypto and blockchain technologies as avenues for future prospects and employment.
Coinbase‘s report predicts a potential political shift as younger generations gain influence. By 2028, Millennials and Gen Z are expected to constitute a majority of the electorate, with over half likely to support crypto-friendly candidates in the 2024 elections. This prediction aligns with their technological inclinations and aspirations for a more inclusive financial future.
The end of the American dream
Traditional markers of success, such as securing a steady job or homeownership, which once epitomized the American Dream for older generations, now appear elusive to the younger populace. Only 9% of Gen Z and 19% of Millennials believe that the American Dream is universally attainable. They are disillusioned by a system riddled with debts, high housing costs, and inflation, combined with legacy institutions that no longer cater to their needs.
However, this disenchantment isn’t synonymous with inactivity. The younger generation is proactively forging a new path, embracing novel models of work, ownership, and finance that bypass traditional intermediaries. They’re not just passively waiting for change; they’re the catalysts.
Coinbase‘s research delves deeper into the younger generation’s experiences, revealing their drive for autonomy and innovation. Over 100 million Millennials and Gen Z adults, having grown up in the digital age, expect the financial system to be as agile and innovative as the technology they use daily. Their demands are straightforward: a financial system that is fast, innovative, and inclusive.
Gen Z shapes its financial future differently
Young individuals are not merely passive observers. They are actively shaping their financial futures:
- 45% desire multiple income sources, with 32% already engaged in side hustles.
- 77% of Gen Z wish to carve their unique paths, diverging from traditional norms.
- 38% believe that crypto and blockchain can offer them financial opportunities beyond what the current system provides.
As these generations inch closer to dominating the electorate, their preferences will undeniably influence political and economic landscapes. The report indicates that 51% are inclined to support crypto-friendly political candidates come 2024.
