The world’s third-largest asset manager, after BlackRock and Vanguard, announced that 43% of zoomers and 47% of millennials have already invested in cryptocurrencies to replenish their pension funds.
Founder and CEO Charles Schwab & Co believes this shows a high level of youth trust in digital assets. Charles Schwab says that interest in cryptocurrencies among zoomers and millennials contrasts with the sentiments of older generation Xers and baby boomers. Representatives of generation “X” admitted that 33% of them own cryptocurrency. Only 4% of boomers have invested in digital assets.
Rising inflation remains the biggest hurdle to retirement among investors, the study notes, as they look for safer investment vehicles to hedge against tough economic conditions.
Investment firm Alto reported in June that more than 40% of U.S. millennials have already invested in cryptocurrencies. That’s more than the percentage of the generation that invests in mutual funds. Almost the same percentage of millennials own shares in companies. Shortly before the publication of the study results, US Treasury Secretary Janet Yellen called cryptocurrencies “very risky assets” to invest in and warned Americans against using them to store retirement savings. The following month, U.S. senators demanded that Fidelity remove Bitcoin from retirement plans due to high volatility and regulatory uncertainty.
Source: Bits
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