Crypto, Investing Top Fin Lit Education Gaps Across Generations

investopedia.com:

Most U.S. adults have a beginner's understanding of cryptocurrency, but plan on using such assets as a key source of retirement funds, according to a new multi-generational financial literacy study from Investopedia. 

In the spirit of Financial Literacy Month this April, Investopedia asked 4,000 U.S. adults—1,000 each from Generation Z (18-25), millennial (26-41), Generation X (42-57), and baby boomer (58-76) generations—about their financial know-how, habits, worries, and retirement plans. The 2022 Investopedia Financial Literacy Survey found Americans are simultaneously trying to grasp personal finance basics, thinking about retirement, and investing in crypto. They learn differently than older generations, too.

“Our relationship to money, investing and financial planning has radically changed in the past few years, as new asset classes like crypto and NFTs have emerged just as millions of people are taking their first steps into investing,” said Caleb Silver, Editor-in-Chief of Investopedia. “What hasn’t changed is the need for relevant financial education—but in a modernized curriculum that addresses these new financial products and services, designed to serve the people who are dependent on them to build their wealth.”

While about half of Americans feel they have a strong grasp of financial literacy basics, such as spending, budgeting, paying taxes, and saving, far fewer have the same level of understanding when it comes to investing and digital currency.

Overall, 57% of adults Investopedia surveyed are invested, but just 1 in 3 say they have advanced investing knowledge. Even fewer (1 in 4) reported strong knowledge of digital currency, such as cryptocurrency, blockchain, and non-fungible tokens (NFTs). 

Millennial