Gen Z, Millennials Are Relying On Crypto For Their Retirements
Millennials and members of Generation Z are relying heavily upon cryptocurrencies for their retirement savings, according to a poll released earlier this month.
The 2022 Investopedia Financial Literacy Survey asked over 4,000 American adults in the Gen Z, Millennial, Generation X, and Baby Boomer generations about their saving, investing, and taxpaying habits. Among other findings, the investment dictionary revealed that 28% of Millennials — those between the ages of 26 and 41 — expect to use cryptocurrencies to support themselves in their latter years. Nearly 20% of Gen Z — those between 18 and 25 years old — said the same.
Gen Z, Millennials, and Gen X also foresee their cryptocurrency assets yielding stronger returns than their holdings in stocks, real estate, or mutual funds.
“For younger investors, cryptocurrency is clearly not just a fun asset to trade in order to make fast money,” Investopedia editor-in-chief Caleb Silver explained. “They are depending on generating returns from cryptocurrency to build wealth and fund their retirement, which is concerning given the lack of education around investing in crypto, and the fact it is still not regulated by the industry.” – READ MORE
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