Nearly 50% of Gen Z and Millennials Want Crypto Exposure in 401(k) Plans: Survey

Nearly 50% of Gen Z and Millennials Want Crypto Exposure in 401(k) Plans: Survey

As the global financial ecosystem continues to witness major changes, young investors in the United States are increasingly leaning towards crypto assets as an alternative investment option to add to their retirement plans.

50% of Young People Want Crypto in 401(k)

A recent survey by the U.S. asset manager, Charles Schwab, which polled about 1,100 401(k) retirement plan participants aged between 21 and 70, revealed growing interest in the nascent digital asset industry. 

About 45% of millennials and 46% of Gen Z disclosed that they “wish” to invest in cryptocurrencies when asked what investment products they would like to see added to their (401k) retirement plan.

The survey further revealed that 43% of Gen Z and 47% of millennials have already invested in cryptocurrencies outside their 401(k) accounts, which Charles Schwab pointed out as an indication of the group’s affinity for the asset class.


This bubbling interest in cryptocurrencies among Gen Z and millennials contrasted with the sentiments of much older investors made up of Gen X and baby boomer respondents. 

As per the findings, only 31% of Gen X and 11% of boomer respondents have the desire to add crypto assets to their 401(k) plans. Even more disappointing is the percentage of these older investors already holding crypto asset positions, with 33% of Gen X admitting to having crypto and a meager 4% of boomers.

Strong Demand for Bitcoin 401(k)

The survey also noted that rising inflation remains the biggest barrier to retirement among all investors as they continue to look for safer investment vehicles to hedge against harsh economic conditions. 

With more investors warming up to digital assets, institutions have begun providing options for investors to include crypto as part of their retirement plans.

Earlier in April, one of the world’s biggest asset managers, Fidelity Investments, revealed that it would allow holders of its 401(k) retirement savings accounts to invest in Bitcoin. The firm explained that account holders would be allowed to spend up to 20% of their balance on Bitcoin.

Meanwhile, the survey comes as Schwab gets more involved in the digital asset industry. Last month, the asset manager was among the investors that backed the launch of the cryptocurrency trading platform EDX Markets. 

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