Nearly 50% of Millennials and Gen Z want cryptocurrency in retirement accounts

According to a survey conducted in October by American asset manager Charles Schwab, nearly half of Gen Z and Millennials want to see cryptocurrency included in their 401(k) retirement plans.

According to research conducted by the company, 46% of Gen Z and 45% of Millennial participants who were asked what they would like to see added to their 401(k) retirement products stated they “hope” they could invest in cryptocurrencies.

The survey also revealed that 43% of Gen Z and 47% of Millennials have already made investments in cryptocurrencies outside of their 401(k), which may indicate the group’s fondness for the asset class.

The asset manager conducted a 10-minute survey of 1,100 401(k) retirement plan participants between the ages of 21 and 70 between April 4 and April 19, 2022.

Millennials and Gen Z Want Crypto Investment 

A company with 25 or more employees was required for participation in the study, and participants had to currently contribute to their employer’s 401(k) plans.

Those born between the early 1980s and the mid-1990s are typically referred to as millennials, while those born between the mid to late 1990s and the early 2010s are typically referred to as Gen Z.

Only 31% and 11% of Gen X and Boomer respondents, who were born between the mid-1940s and the late 1970s, respectively, expressed a desire to invest in cryptocurrencies through their 401(k), with even fewer already holding positions in the asset class.

Inflation was regarded as the biggest barrier to retirement across the board.

However, according to a related Investopedia poll published in April, only 28% of Millennials and 17% of Gen Z respondents from the United States said they planned to use cryptocurrencies to support themselves in retirement.