Young People Prefer Crypto Over Banks

Young folks today are not big fans of traditional banks. They trust crypto more.

This is a big deal for banks. A recent study shows that Gen Z and millennials trust crypto almost five times more than older generations. About one in five young people don't trust banks much. But most baby boomers still trust the old banking system.

Why Do Young People Prefer Crypto?

It's not just about trends. They grew up with open-source code and real-time info. They want the same transparency from traditional finance (TradFi). Young people see the digital economy as their stock market. TradFi is for their parents and grandparents.

Financial Troubles and Skepticism

Gen Z has seen a lot of financial troubles. They lived through:

• The 2008 financial crisis
• Student debt
• A tough housing market

They've also seen policy changes that hurt them. This makes them skeptical of big institutions. Banks aren't losing young people to crypto; they're losing them because of trust issues.

Security and Transparency

Young people value security and transparency more than regulation. They want to:

• Understand how systems work
• See their transactions
• Own their assets directly

This is why they are more bullish on crypto. They can see transactions on-chain and understand the rules without waiting for updates.

Banks Need to Adapt

Young people want:

• Stability
• Transparency
• Products that reflect how they interact with technology and money

Institutions that understand this will shape the future of finance. Those that don't will keep losing young customers.