Home CryptoBitcoin More Americans Will Move to Crypto

Crypto is set for another rally as inflation bites. Quicken Inc., maker of America’s best-selling personal finance software, today shared findings from a survey that highlights Americans’ uncertainty about the economy and their financial wellbeing in the years ahead. At the start of a new year and amid recent market volatility, there are two major financial concerns on the minds of Americans: inflation and a potential stock market crash.

Quicken’s survey found that inflation, which is at 7% and a record high in four decades, is a top concern for Americans. Nearly three-quarters of respondents (71%) ranked inflation among the top three issues they’re most worried about at the moment, followed by new COVID-19 variants, supply chain disruptions and a stock market crash. Retirement and job security, which are often cited as major worries for Americans, surprisingly fell to the bottom of the list of issues respondents are most worried about today.

“Americans are feeling the impact of inflation across their daily expenses, which is why it’s on everyone’s mind,” said Quicken CEO Eric Dunn. “It’s important to understand exactly how economic changes, such as inflation and an unsteady stock market, impact our daily lives, and to have a handle on your personal finances so that you are prepared for the uncertainties ahead.”

Is a market crash on the horizon?


In addition to managing the impact of today’s inflation, more than half of Americans (52%) agree that there will be a stock market crash in the next five years. Of the people who see a stock market crash on the horizon, 58% think it will impact their finances negatively.

But not everyone views a potential crash as all bad. Some Americans saw the financial gains that bold investors made from the 2008 stock market crash and are preparing to capitalize for the next one. In fact, more than half (52%) of investors who consider themselves ‘aggressive’ are likely to say the 2008 crash benefited them financially, as compared to just 18% of conservative investors. The survey also found 71% of aggressive investors, compared to 20% of conservative investors, believe a stock market crash in the future would benefit them financially. Further, 35% of people who think there’s going to be a crash in the next five years agree that they are waiting for a stock market crash to invest some extra cash.

Gen Z and millennial respondents also noted potential upsides to a crash.

  • 41% of Gen Z and 36% of millennials agree that they are waiting for a stock market crash to invest some extra cash. Another 30% of Gen Z and 28% of millennials are waiting for a market crash to begin investing altogether. 
  • A quarter of all respondents are waiting for a housing market crash to buy a home; this jumps to nearly 40% for Gen Z and millennials.

How are Americans preparing? Looking at Crypto


Many Americans are also adjusting their portfolios to weather potential volatility ahead. Thirty-seven percent of respondents already have or plan to adjust their asset allocation in 2022 in preparation for a stock market crash. Notably, people with higher income — 49% of people who have an income between $200,000-499,000 and 73% of people who make more than $500,000 — and younger generations — 49% of Gen Z and 46% of millennials — are most likely to have already made or plan to make adjustments to their asset allocation in preparation for a crash. 

If a stock market crash occurs, respondents are most likely to ride it out and not do anything (41%) or buy individual stocks (42%). Over a quarter (26%) of respondents said they are likely to move money into an alternative asset like crypto or NFT.

Who do they trust?
In the event of a crash, Americans across generations are likely to do what their financial advisor suggests, while Gen Z and millennials are much more likely than older generations to listen to their family and friends or turn to social media for advice.

  • 49% of respondents are likely to do what their financial advisor suggests in the event of a stock market crash.
  • 29% of respondents are likely to do what their family or friends suggest in the event of a stock market crash.
  • 16% of respondents would turn to social media for advice in the event of a stock market crash. Younger generations are most likely to turn to social media, with 21% of Gen Z and 29% of millennials selecting social platforms as a source for advice.

To help track and manage your financial health, visit www.quicken.com

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About Quicken Inc.
Quicken is the best-selling personal finance software in the U.S. For over 30 years, more than 17 million customers have relied on Quicken to help them take control of their finances. Quicken’s award-winning suite of personal finance software and apps — including Quicken Starter Edition, Quicken Deluxe, Quicken Premier, Quicken Home & Business, and Simplifi by Quicken — cater to different financial needs and device preferences. Simplifi by Quicken, named the “best budgeting app” by The New York Times Wirecutter, was added to the Quicken product suite in 2020. Simplifi, a web and mobile app, is designed to help a new generation of digital natives easily stay on top of their finances.

Learn more about Quicken at www.quicken.com and follow on Facebook, Twitter and YouTube. Learn more about Simplifi at www.quicken.com/simplifi, download the app on Google Play or the App Store, and follow on Instagram and Facebook.

Methodology: This SurveyMonkey online poll was conducted in January 2022. The survey consisted of a sample of 1,200 U.S. adults, ages 18 to 74, from the Cint consumer network.

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