A Wells Fargo survey showed that, while teens are still learning a great deal about investing from their parents, the cryptocurrency world is a whole other learning landscape.
The survey reports that 45% of teens believe they know more about digital currencies than Mom and Dad.
And the parents, also surveyed, are not offended. Half of the parents believe their teens do know more than they do when it comes to bitcoin and the rest.
To the surprise of no one who has attended high school, teen boys were found to be more confident than teen girls in their belief they had superiority over their parents — at a rate of 58 percent over 33 percent for girls.
The survey, titled “Wells Fargo Parent-Teen Study” on investing included 318 teens, ages of 13-17, and 304 parents of teens, ages 13-17.
More than a third of teens take their financial cues from social media, a realm holding a prime learning opportunity. Only 12 percent of parents, however, believed that to be the case.
Parents, here’s an open secret: Teens are curious about many things and spend a good deal of time online.
On the TikTok platform, posts with the hashtag “bitcoin” garnered 3.6 billion views. And #crypto brings another 3.4 billion views.
Reddit’s WallStreetBets page, largely responsible for the GameStop short squeeze, boasts more than 10 million members. It also helped to push the AMC stock momentum this week.
“Social media has a profound influence on our younger generations,” said Mariana Martinez, a family dynamics consultant with Wells Fargo’s Wealth & Investment Management group. “Those generations grew up with social media and often trust many of the platforms more than their parents do,”