Younger Americans have different outlooks on building wealth than their older counterparts.
According to U.S. Bank's new wealth survey, Gen Z and millennials continue to value long-term goals such as home ownership and having enough money to retire comfortably, but many seek alternative paths to building wealth.
A majority of Gen Z (76%) and millennials (79%) believe the best way to save for their long-term goals is to invest traditionally. Nearly two-thirds of Gen Z (62%) and millennials (61%) believe the stock market is a more realistic path to wealth than owning a home, compared to 51% of Gen X and 45% of baby boomers.
Forty-eight percent of Gen Z and 47% of millennials say newer investment options such as cryptocurrency are more appealing than traditional investments, although 30% of Gen Z and 28% of millennials report declining trust in cryptocurrency during the past year. A third (33%) of Gen Z and 29% of millennials say their trust in traditional stocks has increased.
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Despite the strategies, more than half (56%) of Gen Z say they feel they have done everything "right" but aren't ...