More than half of millennials and members of Generation Z want Bitcoin and other cryptos in their retirement savings

Despite the unpredictable nature of bitcoin and other cryptocurrencies, Gen Z and Millennials want to add them to their 401(k).

43% of Gen Z and 47% of millennials who participated in research already invest in digital assets, indicating rising adoption. As part of their client’s retirement plans, financial institutions are going all out to provide cryptocurrency.

With many work years ahead of them, Gen Z seems to have already planned their retirement, with a minority preferring crypto assets as part of their pension package.

Nearly half of GenZ and Millennials want bitcoin and other assets in their retirement plans, according to a recent study by asset management giant Charles Schwab. When asked what they would want to see in their 401(k) plans, 46% of Generation Z mentioned digital assets, while 45% of Millennials also mentioned digital assets.

The poll was conducted by requesting 1,100 individuals aged 21 to 70 to complete a 10-minute retirement planning survey. A significant condition for survey participants was that they presently finance their company’s 401(k) plans and have dealt with at least 25 workers.

Boomers and Gen X represented the other end of the spectrum, with 31% and 11%, respectively, desiring digital assets as part of their strategy. Participants report their current digital asset holdings, with 43% of GenZ possessing at least one virtual asset and 47% of Millennials confirming cryptocurrency ownership.

With the widespread acceptance of virtual currencies in almost every part of the globe, the majority of users are Millennials and Generation Z, according to data. According to a recent report by Stilt, 47 percent of digital asset users are Millennials and 17.4 percent are Generation Z. These two demographics account for nearly 93% of the market, leaving Gen X with 4.93% and Boomers with 1.22%.

The nature and timing of the formation of digital assets do not Favour Gen X and Baby Boomer generations, who are already immersed in centralized financial institutions. Although Gen X lags behind Millennials and Gen Z in terms of adoption, the research indicates that they outspend them in terms of spending. On average, Generation X spends $9,611 on digital assets while Millennials spend $8,596.

Also Read: Merge update boosts Ethereum smart contracts to 16-month high