Charles Schwab: Cryptocurrency Is a Top Method for Retirement Savings

A survey published by fiscal elephantine Charles Schwab shows that cryptocurrency is simply a apical method for status savings. “Gen Z and millennial workers are much apt to besides put successful cryptocurrency, existent estate, annuities, and tiny businesses, dissimilar older generations.”

Crypto Investments successful 401(k) Accounts

Financial elephantine Charles Schwab published a study titled “401(k) Participant Study – Gen Z/Millennial Focus” Tuesday. The study features the results of an yearly online survey of U.S. 401(k) participants conducted by Logica Research for Schwab Retirement Plan Services Inc.

A full of 1,000 401(k) program participants aged betwixt 21 and 70, who are actively employed by companies with astatine slightest 25 employees, completed the survey. The study details:

While the 401(k) remains the apical status savings conveyance for today’s workers overall, Gen Z and millennial workers are much apt to besides put successful cryptocurrency, existent estate, annuities, and tiny businesses, dissimilar older generations.

In addition, “More than 4 successful 10 Gen Z and millennial workers privation they could put successful annuities and cryptocurrency successful their 401(k),” the study adds.

Regarding however workers prevention for retirement, the study states that “Outside of their 401(k), participants are inactive much apt to beryllium redeeming for status successful a savings relationship than investing, though a 4th are investing successful cryptocurrencies.”

When asked astir their existent investments, 43% of Gen Z respondents said they put successful crypto, compared to 47% of millennial respondents, 33% of Gen X respondents, and 4% of boomers.

Investing successful cryptocurrency is 1 of the apical 5 methods for status savings, the study further shows. It is the 2nd astir fashionable method for status savings for Gen Z respondents and the 3rd astir fashionable for millennial respondents.

Top methods for investing/saving for retirement. Source: Charles Schwab

Regarding ways respondents privation they could put successful their 401(k) accounts, 39% said annuities, which connection guaranteed income aft they retire, portion 32% said cryptocurrency. Gen Z and millennial respondents picked crypto arsenic their apical answer.

Ways respondents privation they could put successful 401(k). Source: Charles Schwab

The U.S. Labor Department expressed concerns astir Americans investing successful bitcoin and different cryptocurrencies successful their 401(k) accounts earlier this year. Treasury Secretary Janet Yellen besides said successful June that crypto is “very risky,” emphasizing that they are unsuitable for astir status savers.

Despite the Labor Department’s warning, Fidelity Investments made bitcoin an enactment for 401(k) plans. A bill has besides been introduced to let crypto investments successful 401(k) plans.

What bash you deliberation astir this Charles Schwab survey of however radical prevention for retirement? Let america cognize successful the comments conception below.

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