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According to a survey conducted in October by American wealth manager Charles Schwab, nearly half of Gen Z and Millennials want crypto assets to be included in their 401(k) retirement plans.
According to a study conducted by the company, when asked what they would like to see in their 401(k) retirement products, 46 percent of Gen Z and 45 percent of Millennial respondents said they “would like” to invest in cryptos be able.
The survey also found that 43 percent of Gen Z and 47 percent of Millennials have already invested in cryptos outside of their 401(k), which may indicate the group’s penchant for the asset class.
The Wealth Manager conducted a 10-minute survey of 1,100 401(k) plan participants between the ages of 21 and 70 between April 4 and April 19, 2022. A company with 25 or more employees was required to participate in the study. Participants were currently required to contribute to their employer’s 401(k) plans. Those born between the early 1980s and mid-1990s are typically referred to as Millennials, while those born between the mid to late 1990s and early 2010s are typically referred to as Gen Z. Only 31 percent and 11 percent of Gen X and Boomer respondents born between the mid-1940s and late 1970s expressed a desire to invest in crypto assets above their 401(k), with even fewer already holding positions in the asset class . Inflation was widely regarded as the number one obstacle to retirement. However, according to an Investopedia survey released in April, only 28 percent of Millennials and 17 percent of Gen Z respondents from the United States said they plan to use cryptos to support themselves in retirement. Although bitcoin-based pension funds have been in development since February 2019, the wealth manager does not currently provide crypto assets under its 401(k) pension plans. Fidelity Investment reportedly developed plans in April to allow 401(k) retirement savings account holders to invest in Bitcoin. Investors could include up to 20 percent Bitcoin in their portfolio.
As of November 2021, Rest Super, an Australian pension fund provider with 1.9 million members, has been exploring a crypto offering as part of a diversified portfolio.
While most retirement funds for digital assets are provided in the form of bitcoin or ether, in May 2022 a county in Northern Virginia proposed that some retiree retirement funds should be placed in a decentralized finance (DeFi) yield-farming account. This proposal was finally accepted in August 2022.
The author is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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