Survey: More than a quarter of U.S. millennials plan to use crypto to fund retirement
According to a current survey revealed by Investopedia, 28% of the U.S. millennials polled stated they anticipate to make use of cryptocurrency to help themselves in retirement — a determine that was larger than those that stated they might use financial savings (25%) and inventory investments (27%) to fund their retirement. In the meantime, 20% of Gen X and 17% of Gen Z respondents stated the identical. The survey, performed within the spirit of Monetary Literacy Month, was administered to 4,000 U.S. adults ages 18 to 76.
In different fields, roughly 50% of respondents of all ages rated their monetary information in consumption, paying taxes, financial savings, debt administration and insurance coverage administration as “superior.” Nevertheless, solely 27% of these surveyed stated that they understood loads concerning cryptocurrencies, the bottom rating among the many eight ideas listed within the questionnaire.
However, a good portion of millennials (41%) stated they’d superior information of digital belongings, adopted by Gen X and Gen Z, at 30% and 29%, respectively, and at last, child boomers at 8%.
In line with the report, the youthful the members, the decrease their anticipated median retirement age. Whereas most unretired child boomers plan to cease working at 68, most Gen Z surveyed want to retire at 57. To fight monetary illiteracy within the nation, the U.S. Division of the Treasury has lately launched a brand new initiative to lift consciousness of the dangers concerned in investing in digital belongings.
This contains designing academic supplies to tell the general public how crypto belongings function and differ from conventional investments equivalent to shares. As instructed by Treasury officers, the primary spearhead is to “increase consciousness with out making an attempt to stamp out new know-how and new innovation.”