Bank of America released its 2022 Private Banking of America’s Wealthy Research Report this week. From May to June, the bank conducted an online survey of 1,052 people over the age of 21 with households with more than $3 million in investable assets.
Those in the 21 to 42 age group hold only a quarter of their portfolios, compared with 55% for investors 43 and older.
If the youngest cohort is not confident in stocks, where do they see opportunities for investment growth, the report states? Alternative products, including cryptocurrencies, are their first choice. Bank of America emphasized that age is the dominant factor when it comes to interest in cryptocurrencies.