Three quarters of millennials say the economic system is outdated

Andrew Munro 17 November 2017 NEWS

blockchain energy

A glimpse of the future.

In one of the largest studies of its kind, Western Union has surveyed over 10,000 millennials in 15 countries around the world, including over 1,000 millennials in the Australia. In Australia, more than three quarters (76%) agreed that the current global economic system is outdated.

And worldwide, almost a third (29%) support the idea of a single universal currency to help drive global unity.

This is in keeping with the majority view among millennials, most (57%) of whom see themselves as global citizens rather than belonging to any particular country. This result was the same no matter how much history someone has in their home country, with native, first generation and foreign-born respondents all giving the same results.

82% of millennials around the world said that being able to live and work in other countries is a key component to their economic and personal freedom, and the majority (56%) agree that sending money to a person in another country is going to get easier in the future.

The future of money

It looks like millennials are increasingly seeing the ability to send money around the world as a necessity rather than just a convenience. They have every reason to be optimistic, too. Some of the most significant developments in money have come along in their lifetimes.

For example, IMTs are now one of the easiest and best value ways to send money overseas. They didn't even exist a few years ago and were only made possible by the advance of internet services. And for those who need to travel with their money rather than sending it on ahead, it's now possible to find travel cards with zero currency exchange fees and no ATM fees. This was similarly not possible just a few short years ago.

Both of those are also set to give way to coming advances as well.

Blockchain technology is almost certainly going to change the way we think of transferring money, and Australia, in particular, has started growing into the shoes of a fintech powerhouse.

And unsurprisingly, younger and globally-minded Australians are also exceptionally keen on cryptocurrencies. Millennials make up the vast majority of Australia's bitcoin users. 59% are under the age of 34, while a solid quarter are under 24.

The majority of Australians think the old economic system is outdated, and they might be right.


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