© Stocksak A Substantial Portion of Gen Z and Millennials Prefers Investing in Bitcoin and Crypto: Study
- According to a Charles Schwab (NYSE: ) A study has shown that 46% of Gen Z, and 45% of Millennials, want to invest in cryptocurrencies in retirement.
- The survey also found that 43% and 47% of Gen Z, respectively, have invested in cryptocurrency outside of their 401Ks.
- Catherine Golladay, head Schwab Workplace Financial Services, says that young minds see diversifying assets to be a way of reaching their financial goals.
Charles Schwab, an American asset manager, has published its most recent survey. It demonstrates the preference of a large portion of Gen Z and Millennials for Crypto investments.
According to the study, 46% and 45% respectively of Gen Z and Millennials want to invest in cryptocurrencies for their retirement plans.
Gen Z was born between the mid-to-late 1990s and early 2010s. Millennials, on the other hand, are those who were born between the early 1980s and the mid-1990s.
Further, the study revealed that 37% and 54% of Gen Z had their first experience with 401 (k) investments. Comparatively, this figure is 11% and 10% respectively for Gen Z and Millennials choosing crypto as their first investment option.
The survey also found that 43% and 47% of Gen Z, respectively, have started investing in cryptocurrency outside of their 401 (k).
“401(k) No Longer the Only Path to Retirement”
Catherine Golladay is the head of Schwab Workplace Financial Service. She says that young minds are questioning traditional ways of working and retiring, as many of them have switched jobs and priorities since the last pandemic.
“The 401(k), while still their primary retirement savings tool, is no longer viewed as their only path to retirement,” Golladay said. “They see an opportunity to reach their financial goals through diverse assets that are making them excited about investing and engaged in their financial futures.”
Schwab currently does not offer any crypto investments under its 401(k), however.
It is worth noting, that Schwab sampled 1,100 participants to the 401(k), retirement plan survey. The participants were aged between 21-70 years old and were asked to complete a 10-minute questionnaire.
Accordingly, participants in the survey needed to have worked with a company with at least 25 employees and must have also contributed to the company’s 401(k) plans.
On the Flipside
- A Chainalysis study shows that cryptocurrency adoption among younger generations is on the rise, but it has slowed in recent quarters and then stabilized.
Why you should care
A recent report shows that digital assets are being more popular with younger generations. Although the current market may be telling a different story than expected, it is likely that cryptocurrencies will be more widely adopted in the next five to ten year.
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