Piper Sandler, institutional securities firm and investment bank, recently conducted a survey that highlighted the fact that 9% of teens in the US traded cryptocurrency. The report also showed that 81% of the teens were male.
This survey was carried out on 7,000 teens in 47 states and was done in Spring 2021. It showed us that there is a decrease in the share of teens that think the economy in the US is now getting worse. Even so, the view is still being dominant among respondents, at a rate of 46%, which is compared to 48% in fall. Just 25% of teens surveyed said that the economy in the US improves.
Self-reported spending among teens increased to $2,165 during Spring, which was up by 1%. Parent contribution made out the most of the asset source at 61%.
It needs to be added that 33% of US teens said they are holding a part-time job. This did not change from the Fall of 2020. But the share is lower than the 37% that was reported during Spring 2020.
The report of the survey’s findings said:
“Cash is (still) king for teens as top payment method followed by Apple Pay; Venmo is the most used payment app.”
The favorite social media platform of the US teens is Snapchat with a market share of 31%. TikTok was second with 30%, with Instagram holding 24% of the market. When looking at Crypto, Twitter is the main platform, with Redding being second.
Right now, Gen Z is embracing the stock market in an attempt to make some short-term gains. TikTok features accounts from many teens claiming to have investing in stocks for Tesla and Netflix and in Bitcoin. Many claimed that they turned $10,000 into $50,000 in the past year. This is mainly because it is very easy to enter the stock market, with barriers being at an all time low.
It should be noted that the average participants age was 16.1 years. This is below the threshold used by most major crypto trading platforms. For instance, Coinbase change its policy in 2017 so it now only accepts users that are aged over 18. Before the shift, parental consent made it possible for users between 13 and 18 to be eligible. The exact same thing can be said about Kraken, another crypto exchange in the US, and several others.