Research has revealed that one in five Australians believe that crypto is the key to homeownership as confidence in traditional savings dwindles.

The survey, conducted by cryptocurrency exchange Kraken, found that an increasing number of young Australians are becoming disheartened by traditional investment options. Almost one-quarter of those surveyed expressed concern that the value of money in traditional cash savings is decreasing.

The research saw partner YouGov queru 1,027 Australians aged 18 years and older online from May 3 until May 5. The data was weighted by age, gender and region to reflect the latest population estimates from the Ausralian Bureau of Statistics.

The study found that 22% of the Australians surveyed believe investing in cryptocurrency is an easier way to save for a mortgage deposit than storing fiat in a bank account or other traditional savings methods.

Nearly 40% of Millennials — respondents born between the early 1980s and the mid-to-late-1990s — said that crypto assets are a sound alternative to buying an investment property. Further, 31% of Generation X participants — Australians born between the mid-1960s to early 1980s — also believe crypto assets are better investments than real estate, while only 24% of Generation Z respondents — those born between the late 1990s and 2010 — echoed this sentiment.

Almost half of the baby boomers surveyed — those born between the mid-1940s and mid-1960s — have not invested in crypto, citing volatility concerns.

One in five survey participants either currently own or have previously owned crypto assets, while 14% stated they currently hold an active crypto portfolio. Nearly 85% of respondents who already own crypto assets plan to buy more.

Kraken Australia managing director Jonathon Miller commented that while lagging behind the United States in terms of adoption, Australia is a rapidly growing market for crypto assets that is largely driven by demand from millennials:

“Australians still maintain some conservative attitudes toward investment. Property has been a cultural norm and high on the wish list for most investors, but as affordability continues to be an issue, we’re seeing more young people look for other options to grow wealth.”

He added that it is the younger Australians who are changing the dynamic and expects the broader market to come around to the idea of investing in digital assets.

“We’re confident that as more investors look to diversify their portfolios and seek investment opportunities outside of the traditional offerings, we’ll see cryptocurrency come into its own in APAC.”

Miller also emphasized the need for greater crypto education in Australia, and it looks like more is needed. Last month, Cointelegraph reported that more than half of Australian respondents from a different survey think Elon Musk invented Bitcoin.