Charles Schwab, an asset manager based in the United States, has published its latest surveyillustrating the preference for Bitcoin and Crypto investment by a substantial portion of Gen Z and Millennials.
According to the study, 46% of Gen Z and 45% of Millennials wish to invest in cryptocurrencies to aid their retirement plans.
Gen Z were born between the mid to late 1990s and the early 2010s. In contrast, Millennials are those born from the early 1980s to the mid-1990s.
Further, the study realized that 37% of Gen Z and 54% of Millennials got their first investment experience through 401 (k). In comparison, the figure reads 11% and 10% for Gen Z and Millennials respectively choosing crypto as their first investment option.
Additionally, the survey found that 43% of Gen Z and 47% of Millennials have begun investing in crypto outside their 401 (k).
“401(k) No Longer the Only Path to Retirement”
According to Catherine Golladayhead of Schwab Workplace Financial Service, young minds are beginning to question traditional approaches to work and retirement since many of them have changed jobs and priorities during 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.”
However, as of press time, Schwab is not offering any crypto investments as 401(k) plans.
It is worth noting that Schwab sampled 1,100 401(k) retirement plan participants in the survey. The participants were between the age of 21 and 70, and each was made to complete the 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.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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