According to a recent survey by Capitalize, an IRA rollover service, 56% of Gen Z adults (18+) and 54% of millennials say they are including cryptocurrency or NFTs as part of their retirement strategy. That’s compared to only 20% of Gen X and 14% of baby boomer survey respondents who said they are investing in crypto to help them save for retirement.
(How reliable is this survey data? Capitalize noted that respondents were gathered through the Amazon Mechanical Turk survey platform, and that their answers were “self-reported and are subject to issues, such as exaggeration, recency bias, and telescoping.” For the sake of comparison, a Pipslay survey from May 2021 reported that 49% of millennials and only 13% of Gen Z own cryptocurrencies.)
Beyond retirement strategies, younger people are more likely to be comfortable betting on cryptocurrency in general. In a 2021 study by the personal loan company Stilt, more than 94% of people who own crypto were millennials or members of Gen Z. Moreover, 59% of Gen Z and 46% of millennials believe they can become millionaires by investing in cryptocurrencies, according to a survey by the research company Engine Insights.
Younger people also have a lot more time to wait before they’re going to retire. As a result, they presumably can take on more risk with their investment strategies. This may be another reason why crypto is more popular among younger investors’ retirement saving plans.
(Excerpt) Read more at money.com …
ThinkCivics researches, examines, and reports on issues that matter most. We deliver explanative, fearless, and insightful analysis for public consumption.
