One in four (24%) of students are now cryptocurrency owners, according to UNiDAYS, a firm that specialises in offering student discounts.
The study of more than 24,000 UK students also found that a further third plan to buy cryptocurrency within the next three months. The ryptocurreny most commonly owned by students is Bitcoin (26%), followed by Dogecoin (11%), Ethereum (10%) and Ripple (3%).
Almost half (40%) of those questioned expect cryptocurrency to replace traditional currency within the next decade, and 43% feel that retailers should offer the option to pay with cryptocurrency, One in 10 students have already used cryptocurrency to pay for goods or services.
The study also discovered that 40% believe crypto is bad for the environment, while 37% digital currencies are a scam.
Half of those surveyed have put money into either cryptocurrency (16%), ISAs (16%) or stocks & shares (17%). Just (1%) have invested in alternative digital assets such as Non Fungible Tokens.
Only one in 10 students expect quick financial returns on their investments. Of those who invest, just 8% would describe themselves as high risk investors, while 47% avoid risk as much as possible. The remaining 45% are comfortable with just moderate risk.
Josh Rathour, CEO at UNiDAYS, said: “The study busts the myth that today’s young people are reckless with their money. Gen Z are generally more careful and thoughtful with their financial choices than many give them credit for and are both sensible investors and conscious consumers.
“Cryptocurrency markets may be extremely volatile now, but our results show that many Gen Zers see its long term potential as an alternative and more democratic value system. The fact that many of them want retailers to accept crypto as payment is food for thought for brands looking to connect with Gen Z.”