According to a recent survey, more than a quarter of US millennials plan to use cryptocurrency to fund retirement. Unexpectedly, the percentage of people planning to use crypto to fund retirement was marginally higher than those who said they would prefer to use savings or stocks to meet the same ends. It is good news for the crypto industry as many people still believe in crypto’s future.
28% of US Millennials expect to use crypto to fund retirement
According to a recent survey by Investopedia, around 28% of the United States Millennials polled said they would prefer to use cryptocurrency to fund their retirements and support themselves. Unexpectedly, this figure was higher than those who said they would use savings(25%) and stock(27%) to support themselves after retirement.
Meanwhile, around 20% of GenX and 17% of GenZ had the same answer. This survey was conducted in the spirit of Financial Literacy Month and was administered to 4,000 US adults ages 18 – 76.
In other fields of the industry, around 50% of the respondents of all ages rated their financial knowledge in consumption, paying taxes, savings, debt management, and insurance management as advanced. However, only 27% of the survey respondents claimed they understood cryptocurrency well, which had the lowest score among all the eight concepts listed in the questionnaire.
Nevertheless, a great portion of the US millennials, i.e. around 41%, said that they have a good knowledge of digital assets, which includes crypto, followed by GenX and GenZ, at 30% and 29%, respectively, and finally, baby boomers at 8%.
Younger participants have a lower expected median retirement age
As you know, a survey was conducted by Investopedia in the spirit of Financial Literacy Month, which showed that more than a quarter of US millennials plan to use cryptocurrency to fund retirement. The same report also shows the younger the participants, the lower their expected median retirement age.
While most unretired baby bombers plan to stop working at 68, most GenZ wishes to retire at 57. Recently, the US DOT launched a new initiative to raise awareness of the risk involved in investing in digital assets to fight financial illiteracy in the country.
What are your thoughts on the results of this survey? Should GenZ and GenX also learn about cryptocurrency and its applications? Let us know in the comments below. And if you found our content informative, share it with your family and friends.
Also Read: Pakistan banks to use blockchain for implementing KYC.
