Crypto Ranked 2nd as an Investment Option for 401k Participants
- Around 25% of workers do not have a 401(k), but invest in crypto to save for retirement.
- When asked about their investments they claimed that 33% had invested in crypto.
- 11% of Gen Z and 10% millennials believe that investing in crypto via the market is the best way to get started.
A study by Charles Schwab (NYSE:) Corporation found that approximately 25% of workers who do not have a 401(k) invest in crypto to help them save for retirement. The company published this month its 401(k), participant study. It is primarily geared towards Genz and Millenials.
Participants were asked to answer questions about their investments. Around 33% claimed they had invested in cryptocurrency, while 53% and 29% respectively invested in individual stocks or index mutual funds.
Additionally, 11% and 10% of Gen Z believe that buying crypto via a marketplace is the best way for them to invest.
Additionally, 46% of Gen Z as well as 45% of millenials want crypto in their retirement plans.
The 401(k), a retirement savings plan, is offered by many American employers. The 401 (k) plan was named for a section of US Internal Revenue Code. The savings plan will have a percentage of an employee’s salary paid directly into their retirement account which is often withdrawn at the time of retirement.
Chainalysis conducted another study and found that Vietnam ranked first in global crypto adoption. The Philippines was second, followed by India, Ukraine, and the US. While the Middle East & North Africa (MENA) has one of the smallest crypto markets, nonetheless, it’s the fastest-growing crypto market among all other regions.
Chainalysis reported that global adoption of crypto reached a new high in Q2 2021. Global adoption declined in Q3 2021, but rose in Q4 2021.
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