Crypto, Sustainability Are Popular Among Young Investors: Bank of America Survey

Digital assets and sustainability are popular among young investors.

That's according to a new survey from Bank of America BAC, which determined that 47% of young investors own cryptocurrencies.

In a report titled “2022 Bank of America Private Bank Study of Wealthy Americans,” the bank noted that the shift of $84 trillion in personal wealth, which is predicted to predominantly move from baby boomers to Gen X and millennials until 2045, may have a big impact on future families, wealth managers, charity organizations and financial markets.

Here's a breakdown of the survey results:

• 80% percent of young investors are interested in alternative investments such as commodities, real estate, private equity, and other movable goods.
• Compared to investors over the age of 43, young investors devote three times as much of their investment portfolios to alternative strategies (16%) and just half as much to equities (25%).
• Ownership of sustainable investments has doubled since 2018, from 12% to 26% of wealthy people.
• Nearly three-quarters (73%) of millennials compared to 21% of older respondents use sustainable investments
• 72% of all survey respondents agree can make a positive impact in the world.

“Wealth planning is inherently multi-generational,” said Katy Knox, president of The Private Bank at Bank of America. “As we see among our client families, financial behaviors and values take shape early in life and live on in the legacies passed from one generation to the next. These research findings point to a larger role wealth advisors and the financial services industry is playing in helping families transition wealth and meet the needs of the next generation."

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