Today’s young adults are beginning to build wealth years earlier than older generations did, but many of them still see homeownership as out of reach, according to a new survey by U.S. Bank.
The survey found that Gen Z respondents began building wealth at age 19, compared with age 25 for millennials, age 29 for Gen X and age 32 for baby boomers. Roughly three in five Gen Z and millennial respondents believe the stock market is a more realistic path to wealth than owning a home. Still, roughly half of respondents in both age groups say newer investment opportunities such as cryptocurrency are more appealing than traditional investments, while roughly a third of each expressed interest in prediction markets.
The survey also found that roughly 29% of Gen Z and 26% of millennials have given up on owning a home for financial reasons. Women were more likely than men to have given up on that goal.
Nearly three in four respondents (72%) among all age groups said investing feels more complicated than it used to. Still, relatively few are turning to newer technologies for financial guidance, with just 14% using generative AI tools and 18% using financial apps, compared with 33% who use online search.
