Around half of Gen-Z and Millennials expect to see cryptocurrency become a part of their 401(k) retirement plans, insights from an October survey conducted by Charles Schwab, asset manager, United States, as reported by Cointelegraph.
According to Cointelegraph, the firm found that 46% of Gen-Z and 45% of Millennials stated their "wish" of being able to invest in cryptocurrencies as part of their retirement planning. Further, the survey discovered that 43% of Gen-Z and 47% of Millennials have already started to invest in their cryptocurrencies outside of their 401(k) already, which could provide suggestions on the group's affinity towards the asset class. The asset manager surveyed 1,100 401(k) retirement plan participants aged between 21-70 for completion of the 10-minute survey conducted between April 4 and April 19, 2022. Requirements of the survey included participants to have been employed by the company with 25 or more employees and be current contributors to their company's 401(k) plans.
On the basis of information by Cointelegraph, the results have been in stark contrast to the surveyed Gen-Z and Boomers, with approximately 31% and 11%, respectively, intending to make cryptocurrency-based investments using their 401(k), and lesser by being current investors in the asset class. Reportedly, inflation was considered as the main obstacle in retirement. In April, 2022, a study done by Investopedia found that 28% of United States-based Millennials and 17% of Gen-Z's surveyed expected to use cryptocurrencies for supporting themselves at the time of retirement. However, the asset manager hasn't included cryptocurrency investments as part of its 401(k) retirement plans.
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Moreover, Cointelegraph noted that situations can be unfavorable in terms of cryptocurrency-oriented investments. A Quebec pension fund sustained losses worth $154.7 million, which was invested into the now-bankrupt cryptocurrency lending platform Celsius. Due to such controversies, US senators have been divided on the seriousness of the risks associated with cryptocurrency-oriented 401(k) retirement plans. Among those have been democrat senators such as Elizabeth Warren, Dick Durbin, Tina Smith, among others.
(With insights from Cointelegraph)
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