Millennials Have Lost Faith in Conventional Financial Institutions

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Bitcoin and other cryptocurrencies have gained a lot of traction in the past few years. Even though Bitcoin has been around since 2009, its mainstream adoption started to gather steam only during the last 3-4 years. While one side of the argument states that its notoriety due to increased usage on darknet marketplaces to be the reason, the answer may lie somewhere else.

A recent survey conducted by Facebook IQ has shown that a majority of the millennials (individuals between the age group of 18 and 34) do not have faith in the conventional banking system. The report published by the world’s leading social network states that about 95 % of millennials are not satisfied with the way banks are treating them. This is mainly due to the credit-driven economic practices where the financial institutions are more driven towards keeping the customers in debt, instead of offering sound financial guidance.

The opinion of millennials means a lot, especially when it is this strong. Millennials currently comprise of a majority of the world’s working population. According to the report, millennials who stand to inherit over $30 trillion from their parents have found financial guidance from sources other than formal financial

Read more ... source: NewsBTC USA

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