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Crypto Ranked 2nd as Investment Option for 401(k) Participants

Cryptocurrency Oct 26, 2022 12:00PM ET
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Crypto Ranked 2nd as Investment Option for 401(k) Participants
 
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  • Around 25% of workers outside their 401(k), invests in crypto to save for retirement.
  • When asked about their investments, around 33% claimed to have invested in crypto.
  • 11% of Gen Z and 10% of millennials believes that buying crypto via the marketplace is one of the best ways to start investing.

A study conducted by Charles Schwab (NYSE:SCHW) Corporation has shown that around 25% of workers outside their 401(k), invest in crypto to save for retirement. The 401(k) participant study conducted by the company is mostly Genz and Millenial-focused and was published this month.

When the participants were asked about their investments, around 33% claimed to have invested in cryptocurrency while 53% and 29% of participants invested in individual stocks and index mutual funds.

Moreover, 11% of Gen Z and 10% of millennials believe that buying crypto via the marketplace is one of the best ways to start investing.

Furthermore, 46% of Gen Z and 45% of millenials claim they want crypto in their 401(k)s.

For the uninitiated, the 401(k) plan is a retirement saving plan that is offered by many American employers. The 401(k) plan was named after a section in the US Internal Revenue Code (IRC). The savings plan will have a percentage of an employee’s salary paid directly into their retirement account which is often withdrawn at the time of retirement.

In another study conducted by Chainalysis, Vietnam ranked first among other countries for global crypto adoption. The Philippines was ranked second followed by Ukraine, India, and the US. While the Middle East & North Africa (MENA) has one of the smallest crypto markets, nonetheless, it’s the fastest-growing crypto market among all other regions.

The report by Chainalysis showed that the global adoption of crypto reached an all-time high in Q2 2021. It was observed that global adoption fell in Q3 of 2021 and rose again in Q4 of 2021.

The post Crypto Ranked 2nd as Investment Option for 401(k) Participants appeared first on Coin Edition.

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Crypto Ranked 2nd as Investment Option for 401(k) Participants
 

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