Savings Accounts on a Decline, Americans Gravitate Towards Crypto

A recent study shows that US citizens prefer cryptocurrencies to traditional savings accounts.

Savings Accounts on a Decline, Americans Gravitate Towards Crypto

According to a new study conducted by Morning Consult, a global business intelligence company, the United States population seems to alleviate from traditional means of saving, such as regular savings accounts, and is starting to lean towards digital assets.

In their State of Consumer Banking & Payments report, they confirmed that 24% of the asked citizens were holding cryptocurrencies, while only 23% had a savings account opened. While the difference in number is not significant, it is fascinating to see digital assets get an edge over a traditional method of finance. Brokerage accounts are still in the lead, though, with 31%.

The State of Consumer Banking & Payments

The study was conducted last December on 2,200 adult US citizens. Unsurprisingly, crypto seems more popular with younger adults, as it presents an opportunity for immediate returns.

The study showed that millennials are slightly more concerned about finances and the durability of their savings than the older generation, which further exemplifies their incline towards non-traditional saving options. 57% of the asked citizens who held crypto were millennials.

Looking at current trends, it seems that the crypto support has been steadily growing over the past few months, especially with some big industry names endorsing it, such as Tesla, or Cashapp. We can expect this support to further grow in 2022.

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