- Under-saving is becoming more apparent for young generations as retirement approaches.
- Some 27 percent of Americans aged 18-60 have owned or traded crypto.
- Recent market carnage proves the volatile market is not for the faint-hearted.
The truth of undersaving is becoming more and more apparent. This develops as retirement draws near for Millenials and younger generations (Gen z). In an effort to make up for their missed time, more of these people than ever before are turning to cryptocurrencies, like Bitcoin.
Charles Schwab Corp, an investment firm, has made recent research on this matter. Outside of their 401(k), participants are still more likely to be saving for retirement in a savings account than investing. However, a quarter is investing in cryptocurrencies.
“Younger workers today are beginning their financial journey from a different place than older generations did when they began. This is according to Catherine Golladay, Head of Schwab Workplace Financial Services in a news release. “They see an opportunity to reach their financial goals. This is possible through diverse assets that are making them excited about investing and engaging in their financial futures.”
Statistics prove that more people around the world than ever before are turning to cryptocurrencies to help fund their retirement. It seems, even as the recent market carnage provides a stark reminder that this volatile market is not for the faint-hearted.
Some 27 percent of Americans aged 18-60 – around 50 million people – have owned or traded crypto in the past six months, a poll published by crypto exchange KuCoin found.
In other developments, Senator Tommy Tuberville presented the Financial Freedom Act of 2022. This act contains provisions to counter the Department of Labour’s (DOL) attempts to restrict cryptocurrencies as a choice for 401(k) self-directed retirement plans.
The legislation would have guidelines for ensuring that financial institutions and employers don’t face any legal troubles if they offer virtual assets as an investment option under the 401(k) retirement plan.
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