For younger investors, crypto isn’t just a get-rich-quick scheme. A new report shows an increasing number of millennials and Gen Z plan to include cryptocurrencies in their retirement portfolios.
Various studies show slightly different percentages for each group. For example, a recent survey by IRA rollover service Capitalize reported that 54 percent of millennials — those born from 1981 to 1996 — plan to include cryptocurrency or NFTs to fund their retirement.
For Gen Z — those born from 1997 to 2012 — the number rose two points to 56 percent.
That’s high compared to just 20 percent of Gen Xers (born 1965 to 1980) and 14 percent of baby boomers (born 1946 to 1964), Miami Herald reported.
A survey by consumer insight company Pipslay showed that 49 percent of millennials and 13 percent of Gen Zers would rely on crypto for retirement.
Another survey released in April, which is Financial Literacy Month, found that one in four millennials (38 percent) were just as likely to invest in crypto as they were in the stock market. It was conducted by Investopedia.
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Investopedia’s Editor in Chief Caleb Silver said the way people relate to money has changed, resulting in younger generations taking a more “modernized approach” to financial literacy and investing.
“Our relationship to money, investing, and financial planning has radically changed in the past few years,” Silver said. “New asset classes like crypto and NFTs have emerged just as millions of people are taking their first steps into investing. These changes require a modernized approach to financial education—one that provides people of all ages with knowledge of new, emerging, and traditional financial products and services. As financial educators, it is our responsibility to make sure we are fostering that literacy as far and wide as we can.”
Another survey showed “59% of Gen Z and 46% of millennials believe they can become millionaires by investing in cryptocurrencies,” the Miami Herald reported.
Though the numbers vary slightly, all of the survey results show that millennials and Gen Z are the most bullish on crypto.
Photo: A Bitcoin logo on the display screen of a cryptocurrency ATM at the Smoker’s Choice store in Salem, N.H., Feb. 9, 2021 (AP Photo/Charles Krupa)