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- 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.
According to a survey by US Asset manager Charles Schwab, majority of Gen Z and millennials want crypto to become part of their retirement plans. Nearly half of them are already invested in digital assets and mentioned inflation as the hinderance to early retirement.
A survey in a firm showed that employees stated that they would like crypto to be in their retirement plans. The firm also found that 45% of Millennials and 46% of Gen Z would want to invest in cryptocurrencies as part of their retirement plans. Another survey also revealed that 47% of Millennials and 43% of Gen Z are already currently investing in crypto beside from their retirement plans. This shows the group’s liking and understanding of the asset.
Asset manager Charles Schwab surveyed about 1,100 retirement plan of participants aged between 21 to 70, to complete the 10-minute survey conducted between 4th April and 19th April last year. For this survey, participants needed to have worked for a company with 25 or more employees and be current contributors to their company’s retirement plans.
When the boomers were surveyed there was a contrast between them and the Gen Z and millennials groups. They prefer to invest in cryptocurrencies in their retirement plans than being current investors in the asset. Similarly, they also mentioned inflation as the hurdle to early retirement.
Earlier last year, Fidelity investment put plans together to open a Bitcoin investment for its retirement saving account holders and savers could put as much as 20% Bitcoin to their savings portfolio. While in Australia, Rest Super became the first retirement fund to offer cryptocurrency in its portfolio to its 1.9 million members in November 2021.
Majority of digital assets are offered in Bitcoin (BTC) or Ethereum (ETH) however, in May 2022, a North Virginian county ventured into putting a proportion of retirees’ pension funds into a decentralized finance (DeFi) yield farming account which was later approved in August 2022.
Fortunately, crypto investment comes with its own risks, a Quebec pension fund was invested in the now bankrupt lending platform Celsius, and lost almost all of its $154.7 million which they had invested. Such occurrences make the US Senators to not come to a decision when it comes to crypto retirement plans.
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