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5 Apr 2022

Investopedia Survey: 1 in 4 Millennials Turn to Cryptocurrency to Fund Retirement

Investopedia Survey: 1 in 4 Millennials Turn to Cryptocurrency to Fund Retirement

The Index Today

A survey conducted by Investopedia has revealed that an increasing number of people are turning to cryptocurrency to achieve their financial goals.

According to DailyCoin, the Investopedia 2022 Financial Literacy Survey carried out on 4,000 adults in the U.S., with 1000 participants each belonging to the Boomer, Gen X, Millennial, and Gen Z groups, sought to understand their fiscal proficiency. The results revealed that 1 in 4 people from the millennial group have been turning to cryptocurrencies to fulfill their financial plans for early retirement.

The survey found that 38% of millennials have been banking on crypto, and 37% of them have been investing in stocks. In the Gen Z group, 53% of participants intend to stop working before the age of 60 with 27% looking at social security and 17% relying on cryptocurrency to ensure financial stability. However, it is worth noting that 23% and 28% of the older Gen X and Boomer generations are also turning to digital assets respectively.

Investopedia’s Editor-in-Chief Caleb Silver contended, “Our relationship to money, investing, and financial planning has radically changed in the past few years.” He added, “New asset classes like crypto and NFTs have emerged just as millions of people are taking their first steps into investing. These changes require a modernized approach to financial education — one that provides people of all ages with knowledge of new, emerging, and traditional financial products and services. As financial educators, it is our responsibility to make sure we are fostering that literacy as far and wide as we can.”

©Photo: Financial Times