Almost Half of Gen Z Wants a Retirement Account in Crypto
A new Charles Schwab study surveying 1,000 people has discovered that millennials and Gen Z are the generations most likely to invest in cryptocurrency, with more than 30% of each group using cryptocurrency as a method for investing and saving for retirement.
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Gen Z is defined as the generation born between 1992 to 2012. Millennials fall between 1981 and 1996.
The report also revealed that 11% of Gen Z bought crypto via a marketplace, compared to 10% of millennials and only 5% of Gen X, or individuals born between 1965 and 1980.
Millennials and Gen Z were also the most geographically fluid segment of the population, with almost 40% of Gen Zers changing their employer in the last year, compared to 7% of Boomers and only 13% of Gen Xers.
Gen Z is the generation with the greatest desire to invest in 401(k) accounts through cryptocurrency, with almost half of all Gen Z respondents saying they hoped to do so, compared to 11% of Boomers and 31% of Gen Xers.
However, Gen Z and millennials joined Gen X and Boomers in facing several retirement obstacles, ranging from soaring inflation to stock market volatility and paying off student loans and helping aging parents.
The study isn’t bleak, however – slightly more than half of millennials and Gen Zers consider it “very likely” that they will achieve their retirement goals, with the average Gen Zer believing $1.4 million is the magic number for retirement, while millennials are slightly more conservative and believe the figure is closer to $1.8 million. Both groups, however, only expect retirement savings to last on average around two decades.
