According to a study released by financial giant Charles Schwab, cryptocurrency is the top way to save for retirement. “Generation Z and millennial workers are also more likely to invest in cryptocurrencies, real estate, pensions, and small businesses than older generations.
Crypto investments in 401(k) accounts
Financial giant Charles Schwab published a report on Tuesday titled “401(k) Participant Survey – Generation Z/Millennial Focus.” This report features the results of an annual online survey of US 401(k) participants conducted by Logica Research for his Schwab Retirement Plan Services Inc.
A total of 1,000 401(k) plan participants between the ages of 21 and 70 who are actively employed by companies with 25 or more employees responded to the survey. Report details:
While 401(k)s remain the top retirement savings vehicle for today’s workforce as a whole, Gen Z and millennial workers are also more likely to invest in cryptocurrencies, real estate, pensions and small businesses than older generations. more likely to invest.
Furthermore, “more than 4 in 10 Gen Z and millennial workers want their 401(k) to be able to invest in a pension or cryptocurrency,” the report adds.
On how workers are saving for retirement, the report notes, “Apart from 401(k)s, participants are still more likely to save for retirement in savings accounts than in investments. But a quarter are invested in cryptocurrencies.”
When asked about their current investments, 43% of Gen Z respondents said they invested in cryptocurrencies, compared to 47% of Millennial respondents, 33% of Gen X respondents, and 33% of Gen X respondents. 4% of boomers did.
The report further shows that investing in cryptocurrencies is one of the top five ways to save for retirement. This is his second most popular method of saving for retirement for Gen Z respondents and his third most popular method for millennial respondents.
When asked how respondents would like to invest in their 401(k) accounts, 39% said a guaranteed retirement income annuity and 32% said cryptocurrency. Gen Z and millennial respondents chose cryptography as the top answer.
Earlier this year, the U.S. Department of Labor expressed concern about Americans investing in Bitcoin and other cryptocurrencies in 401(k) accounts. Treasury Secretary Janet Yellen also said in June that cryptocurrencies are “very risky.” unsuitable For most retirement savers.
What do you think of this study by Charles Schwab on how to save for retirement? Let us know in the comments section below.
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