Majority Of Gen Z And Millennials Want Crypto In Their Retirement Plans

• • Millennials refer to those born in the early 1980s to mid-1990s.
  • Gen Z are born people between the mid to late 1990s to the early 2010s. 

A new survey by US asset manager Charles Schwab found that a majority of Gen Z and millennials want to include cryptocurrency in their retirement plans. The survey, which was conducted in April 2023, polled 1,100 retirement plan participants aged 21 to 70.

The survey found that 45% of millennials and 46% of Gen Z respondents would like to invest in cryptocurrencies as part of their retirement plans. Additionally, 47% of millennials and 43% of Gen Z respondents are already currently investing in crypto outside of their retirement plans.

This trend is in contrast to baby boomers, who are more likely to prefer to invest in cryptocurrencies outside of their retirement plans. Only 29% of baby boomers surveyed said they would like to invest in crypto as part of their retirement plans.

There are a few reasons why Gen Z and millennials are more interested in including crypto in their retirement plans. First, they are more familiar with cryptocurrency than baby boomers. Many Gen Z and millennials have been investing in crypto for several years, and they see it as a potential way to grow their retirement savings.

Second, Gen Z and millennials are more concerned about inflation than baby boomers. The rising cost of living is a major concern for young people, and they see crypto as a way to protect their wealth against inflation.

Finally, Gen Z and millennials are more open to risk than baby boomers. They are willing to take on more risk in the hopes of achieving higher returns.

The survey findings suggest that cryptocurrency is becoming increasingly popular as a retirement investment option. However, it is important to note that crypto is a volatile asset, and it is not suitable for everyone. Investors should carefully consider their risk tolerance before investing in crypto.

Cryptocurrency Risks

While cryptocurrency offers the potential for high returns, it is important to be aware of the risks involved. Cryptocurrency is a volatile asset, and its prices can fluctuate wildly. This means that investors can lose money quickly if they are not careful.

In addition, cryptocurrency is a relatively new asset class, and there is limited regulation in the space. This means that there is a risk of fraud and scams. Investors should only invest in cryptocurrency through reputable exchanges and wallets.

Conclusion

Cryptocurrency can be a risky investment, but it can also be a potentially rewarding one. Investors who are considering investing in cryptocurrency should carefully consider their risk tolerance and investment goals before making a decision.