FMCPAY_GLOBAL (OP)
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US BASED CRYPTOCURRENCY EXCHANGE
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October 26, 2022, 04:18:09 AM |
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Nearly half of Gen Z and Millennials want to see crypto become a part of their 401(k) retirement plans, according to an October survey from United States asset manager Charles Schwab. Asking participants what they would like to see added to their 401(k) retirement products, the firm found that 46% of Gen Z and 45% of Millennials said they "wish" they could invest in cryptocurrencies as part of their retirement planning. It shouldn't come as a surprise, as the survey also found that 43% of Gen Z and 47% of Millennials are investing in cryptocurrencies outside their 401(k) already, which could suggest the group's affinity for the asset class. The asset manager surveyed 1,100 401(k) retirement plan participants aged between 21 to 70 to complete the 10-minute survey conducted between Apr. 4 and Apr. 19, 2022. Participants of the survey needed to have worked for a company with 25 or more employees and be current contributors to their company's 401(k) plans. Millennials generally refer to those born in the early 1980s to mid-1990s, with Gen Z generally born between the mid to late 1990s to the early 2010s. The results are in stark contrast to the surveyed Gen X and Boomers — those born anywhere between the mid-1940s to late 1970s — with just 31% and 11% respectively wanting to invest in cryptocurrencies through their 401(k), and even less being current investors in the asset class. Across the board, inflation was seen as the leading obstacle to retirement. (Source: Cointelegraph)
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Apocollapse
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October 26, 2022, 04:49:25 AM |
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Crypto? it's a bad idea if they're want crypto in their retirement funds because crypto is high volatility and they might choose a shitcoins which the value will decrease in the future. If they want to receive Bitcoin in their retirement funds, then it's a good idea since Bitcoin price will increase if you hold for long time. I think those Gen Z still don't know if their health when they get older are getting weak and increase the risk of heart attack incase the market goes down.
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Zlantann
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October 26, 2022, 12:51:24 PM |
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Nearly half of Gen Z and Millennials want to see crypto become a part of their 401(k) retirement plans, according to an October survey from United States asset manager Charles Schwab.
Gen Z generations are more technological inclined than other generations. They understand the benefits of Bitcoin and how it can be used profitably. Inculcating cryptocurrecies to retirement schemes is not a bad idea at all especially if it is Bitcoin. Most country's currencies have lost almost more than half of their value and there is no hope or prediction that it would regain it's value in the future. Bitcoin might be volatile but there are reliable predictions that it's price would pick-up in the future and this has proved to be true over the years. I would prefer to have my retirement benefits tied to Bitcoin than our local currency because inflation has really destroyed our currency's value.
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avikz
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October 26, 2022, 02:53:19 PM |
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Too risky proposition! Retirement fund needs to be stable in return and appreciation. It must not be a rollercoaster ride. I understand that millennials and Gen Z are willing to take risk but that risk appetite will decrease with the growing age. What rollercoaster ride seems to be enjoyable now, might become scary later.
So my take is that, bitcoin must not be a part of pension fund at all. If people want, they can invest by themselves and build a portfolio over a period of time.
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ajiz138
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October 26, 2022, 03:43:15 PM Merited by fillippone (2) |
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Retirement funds are not that bad though we should know that bitcoin is very volatile so must understand this so they can keep retirement assets as long term investments. We have to take everything into account. I don't think all pension funds are invested in Bitcoin, it's too risky when there is a decline, even though we know Bitcoin is always increasing in the future and this is actually fast but it all needs to be considered when you are ready to retire at what age 60 years and over ?
But that's all according to our needs, if I've known bitcoin for a long time, of course I will receive pension funds in Bitcoin but it won't be all or separated, it's much better and part of the fiat should be our savings, but about what inflation is related to later it might be better to consider starting from building a portfolio, emergency funds, other types of needs.
Even if later when I'm old I will stick to Bitcoin and Fiat as a save for his old age.
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virasisog
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October 26, 2022, 04:21:22 PM |
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Gen Z, as well as Gen Y, are now aware of the function of cryptocurrency as well as its capability to give good earnings and promising profit through long-term holding so no wonder why the new generation wants it as a retirement plan. They're more technology equipped and inclined so investing in cryptocurrency would be easy for them since they got all the access. It's actually a smart idea because crypto as a retirement plan could assure our future and would guarantee promising profits as long as they're going to choose potential coins most especially Bitcoin.
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jackg
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October 26, 2022, 04:56:17 PM |
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Crypto? it's a bad idea if they're want crypto in their retirement funds because crypto is high volatility
Retirement funds are quite well protected from making poor investment choices (most of the time) so altcoins and leverage are unlikely to be seen imo. What is likely and a good idea is if proportions of funds invest in crypto. If you make 4% in dividends omin the first year of your pension or first year of holding the asset, investing that and just that into bitcoin would be a great idea that would mean you lose 4% of your entire pension (which could happen anyway with stocks pretty easily) or you gain an extra bit of diversification that could be reinvested. If you're not good a picking stocks too, 60% in a globally diversified stock etf, 20% in real estate and 20% in monetary value related assets (like bonds and crypto) doesn't sound a bad place to start if investing when you're young (and then taking down those percentages heavily as you get older and moving more things into bonds or shares).
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sunsilk
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October 26, 2022, 05:34:18 PM |
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While some don't see it as a good decision, it's known that there are people for sure that have been saving bitcoin and treats it as their retirement fund.
So either of the strategy will work for someone who's very well believing to bitcoin and trusts its future. No matter what happens, there's something for sure that won't change for this person who would either save bitcoin now for his retirement funds or chooses to receive a portion of his retirement fund in bitcoin.
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naira
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October 26, 2022, 05:37:59 PM |
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Nearly half of Gen Z and Millennials want to see crypto become a part of their 401(k) retirement plans, according to an October survey from United States asset manager Charles Schwab.
Asking participants what they would like to see added to their 401(k) retirement products, the firm found that 46% of Gen Z and 45% of Millennials said they "wish" they could invest in cryptocurrencies as part of their retirement planning.
In retirement want to see their balance in crypto? with high volatility and risk? I don't think they know anything about how crypto works when it comes to retirement and their benefits for the long term. I think for them in their old age there is health insurance and hospital provision. Then the provision to enjoy old age is to have real assets that they can pass on to their grandchildren and children / Property, gold, land, and of course adequate education funds.
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Silberman
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October 27, 2022, 03:38:34 AM |
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Too risky proposition! Retirement fund needs to be stable in return and appreciation. It must not be a rollercoaster ride. I understand that millennials and Gen Z are willing to take risk but that risk appetite will decrease with the growing age. What rollercoaster ride seems to be enjoyable now, might become scary later.
So my take is that, bitcoin must not be a part of pension fund at all. If people want, they can invest by themselves and build a portfolio over a period of time.
I think the same, obviously I believe in bitcoin and its long term potential, otherwise I would not be here, but it does not seem as the best idea to let people invest in bitcoin through their retirement fund since we know how volatile bitcoin can be and the market in general as well, so I have no doubts that if this became allowed and then people realized all the money they lost they will make even more mistakes than the ones they make now, so if someone wants to invest in this market they can do it by using their spare money, as most of us do already.
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Oasisman
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October 27, 2022, 04:37:34 AM |
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It's kinda understandable, as part of the millennials, it was in our generation that the boom of technological advancements started. We've seen so much of what good investments has the world to offer. We've seen the traditional investments and the modern investments. Choosing Bitcoin is one of the best asset to have when planning ahead for your retirement, at least for your own comfort. But, I could definitely say, real estate is much safer investment for retirement more than anything else. Properties can be passed down to your future generations while you're continuously generating profit without lossing your asset.
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mk4
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October 27, 2022, 04:42:21 AM |
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"The asset manager surveyed 1,100 401(k) retirement plan participants aged between 21 to 70 to complete the 10-minute survey conducted between April 4 and April 19, 2022."
That's quite a small sample size, unfortunately. Personally though? Even if the sample size was significantly bigger, I'm having doubts if I should actually look at the data as something bullish. There's something about the masses being overly-confident with any certain asset class that puts me off.
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Don Pedro Dinero
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October 27, 2022, 05:00:32 AM |
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Crypto? it's a bad idea if they're want crypto in their retirement funds because crypto is high volatility and they might choose a shitcoins which the value will decrease in the future. If they want to receive Bitcoin in their retirement funds, then it's a good idea since Bitcoin price will increase if you hold for long time.
I thought exactly the same when I read the OP. If we're talking about people in their 30s at most, the 'cryptocurrencies' they invest in in their retirement funds will probably all be gone by the time they retire. Just look at the changes over the years in CMC's top ten. As for bitcoin, I see it as a safer bet, but even over the long term, 30 years or more, we don't know what can happen. You also have to bear in mind that if you have bitcoin in a retirement fund, it will be deposited in a centralised entity, and you won't have the private keys. It is better to have your own bitcoin, having your own keys, apart from your retirement funds.
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mindrust
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October 27, 2022, 05:01:22 AM |
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Gen Z and millenials are not stupid. They see the current financial system is failing and only crypto can replace it. That's why they want to have crypto in their retirement accounts. When they get old, these accounts will usually be their only source of income and because crypto assets have been the best performing asset of this decade, they want a piece from this action. Only if boomers were this wise too, then the price of a coin would be at $100k+ but no worries. It is their loss. Crypto will prosper with or without the boomers.
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electronicash
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October 27, 2022, 05:15:14 AM |
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Gen Z and millenials are not stupid. They see the current financial system is failing and only crypto can replace it. That's why they want to have crypto in their retirement accounts. When they get old, these accounts will usually be their only source of income and because crypto assets have been the best performing asset of this decade, they want a piece from this action. Only if boomers were this wise too, then the price of a coin would be at $100k+ but no worries. It is their loss. Crypto will prosper with or without the boomers.
if they consider farming on staking on Defi platform, i think it will still be good. this is if they have a good amount to make a living despite the volatility. this could not be possible for now but may be in the next 10-20 years where they are ready to retire. they better work hard to get more BTC from now on. the old pension system are also risky due to the rising inflation, there's few option left for retirement funds as some countries are even selling gilts already.
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The Sceptical Chymist
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October 27, 2022, 05:28:24 AM |
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The results are in stark contrast to the surveyed Gen X and Boomers — those born anywhere between the mid-1940s to late 1970s — with just 31% and 11% respectively wanting to invest in cryptocurrencies through their 401(k), and even less being current investors in the asset class.
I would add here that the above piece of data shouldn't be viewed as a slight against boomers or slackers--I'm pretty sure if you replaced "cryptocurrency" with any asset that even comes close to the volatility and risk that crypto has and asked people closer to retirement age if they'd want that in their portfolio they'd say thanks but no thanks. There are plenty of people in those generations interested in crypto, but when it comes to retirement, it's a whole different beast. And I know I'm not the only one here who's thinking that crypto and managed retirement accounts are super icky to say the least. I still don't even understand why anyone would want physical precious metals in an IRA, but maybe that's just my perpetual ignorance.
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Hydrogen
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October 27, 2022, 12:48:16 PM |
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I wish they had included CBDC (central bank issued digital currency) commodities, real estate and gold in their polling and statistics.
That would have been a great indicator for knowing what to expect from future markets as far as the youth demographic goes.
What if bitcoin and crypto registered higher approval ratings with generation Z in contrast to CBDC or other asset classes. It might answer many questions on why central banks have not made more of an effort to deploy CBDC.
The biggest supporters gold and silver (and possibly CBDC) appear to be older generations.
While by contrast the largest supporters in crypto and bitcoin appear to be the current youth demographic.
This observation could be a foundation that will set the stage for our future market trends.
There is a chance that our current youth demographic is smarter and more knowledgeable than they are given credit for being. I would be interested to know if this observation is accurate. It seems that many political demographics are banking on the future of the youth demographic swinging their way. The eventual outcome of many current conflicts could hinge upon the development.
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Gyfts
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October 27, 2022, 05:56:42 PM |
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Too risky proposition! Retirement fund needs to be stable in return and appreciation. It must not be a rollercoaster ride. I understand that millennials and Gen Z are willing to take risk but that risk appetite will decrease with the growing age. What rollercoaster ride seems to be enjoyable now, might become scary later.
So my take is that, bitcoin must not be a part of pension fund at all. If people want, they can invest by themselves and build a portfolio over a period of time.
If it's in a retirement fund and they don't withdraw, then the short term volatility isn't going to be an aspect they should be concerned about. If they're investing in alts, then I'd be concerned if the coin is completely defunct at the end of 30-40 years, which in that case it shouldn't be part of a retirement fund at all. Sticking with Bitcoin, diversifying with crypto's a good idea. I wouldn't suggest going all in, doesn't seem like most young folks would do that anyways.
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el kaka22
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October 27, 2022, 07:03:02 PM |
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This isn't shocking, Gen Z is the people who were born after 94 or 96 or something like that, which means when they were 10-12 years old, crypto was invented, bitcoin first came out when they were too little to understand it, they weren't earning money when bitcoin first came out. Which means, by the time they first started to earn money, crypto already became a big deal.
It’s also more fun, Gen Z is a type of group who realized right away that they weren't given what they deserve, the amount of work we put in will never be compensated fairly (number 1 reason why I became freelancer too, because freelancers do get paid fairly) and they just go with the "fun" investment, that’s why NFT's became so big too, Gen Z took it so high.
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TheGreatPython
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October 27, 2022, 09:24:41 PM |
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In retirement want to see their balance in crypto? with high volatility and risk? I don't think they know anything about how crypto works when it comes to retirement and their benefits for the long term. I think for them in their old age there is health insurance and hospital provision. Then the provision to enjoy old age is to have real assets that they can pass on to their grandchildren and children / Property, gold, land, and of course adequate education funds.
What you said is true. Cryptos are full of risk due to their high volatile state but as long as they pick up the right set of coins like for example bitcoin and ethereum, then I think they can easily secure their future with it since btc and eth value will always grow more in the future no matter how low their value right now or in the next day. Those people can also convert the profit that they got from selling every bull run into stable coins or fiat so that they can retain the amount and won't be affected anymore by volatility. Some of them are young and they still lack of understanding when it comes to crypto and retirement but they can always adjust or learn more of it the older they get. There is no need to rush.
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