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Nearly half of Millennials and Gen Z want crypto for retirement, says survey

By Darius McQuaid

13:30, 26 October 2022

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The same proportion of Millennials (45%) who wished to have cryptos as part of their retirement fund also wanted annuities - Photo: Getty Images

Almost half of US Millennials and Generation Z, people aged between 20 and 40, wish to have exposure to cryptocurrencies in their 401(k)s, a retirement savings plan offered by American employers.  

However, only 31% of Generation X, born between the mid-1960s and the late 1970s,  and 11% of Boomers, those born between 1946 and 1964, wish to do the same.

The findings come from Charles Schwab, an American multinational financial services company, in its survey 2022 401(k) Participant Study - Gen Z/Millennial Focus.

The survey found that 46% of Gen Z, born between the late 1990s and the early 21st century, and 45% of Millennials, born between the early 1980s and the late 1990s, want cryptos in their 401(k)s, as “younger workers say they want a wider range of investments in their 401(k)s”.

The same proportion of Millennials (45%) who wished to have cryptos as part of their retirement fund, also wanted annuities, which offer guaranteed income after retirement.

A slightly lower proportion of Gen Z (41%) wanted annuities to be part of their retirement plan.

Inflation was named as the main obstacle to retirement amongst all age demographics.

The survey found 47% of Millennials already own cryptocurrencies, as do 43% of Gen Z, while 50% of both age groups have already invested in stocks.


Fidelityto offer BTC in 401(k)    

In April 2022, Fidelity Investments, another multinational financial services company announced it would allow investors to put bitcoin (BTC) into their 401(k)s.


3,497.55 Price
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Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
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-2.050% 1D Chg, %
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Overnight fee time 21:00 (UTC)
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67,501.65 Price
-0.410% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
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181.29 Price
-1.100% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

Fidelity said later this year the 23,000 companies that use Fidelity to manage their retirement plans will have the option to add BTC to their 401(k)s, The Wall Street Journal (WSJ) reported.

Fidelity will let savers allocate 20% of their 401(k) into BTC.

At the time Dave Gray, head of workplace retirement offerings and platforms at the Boston-based Fidelity, said: “There is a need for a diverse set of products and investment solutions for our investors. We fully expect that cryptocurrency is going to shape the way future generations think about investing for the near term and long term.”

At present Charles Schwab does not offer crypto exposure as part of its 401(k) offering.

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US millennials rely on crypto to fund retirement

In April, Investopedia’s 2022 Financial Literacy Survey found that a quarter of US Millennials are relying on crypto to fund their retirement.    

Millennials’ attitude towards crypto and the stock market is very similar, Investopedia found. It said that 38% of Millennials were likely to invest in cryptos, and 37% in the stock market.

In March, a study by Arcane Research, a cryptocurrency analysis company based in Oslo, Norway, and the Big Four professional services firm EY, found that 5% of Norwegians would want to save for their pension in a crypto fund.

Charles Schwab surveyed 1,000 401(k) plan participants who work for companies with 25 or more employees and contribute to their firm’s 401(k) plan.   

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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