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Survey: Millennials Don’t Mind Retirement Plans Facilitated with Crypto

Survey: Millennials Don’t Mind Retirement Plans Facilitated with Crypto

Marketing consultancy Edelman has published a new report that reveals millennials have sizeable investments in the cryptocurrency industry. The report also noted that 74% of millennials into crypto say tech innovations like blockchain make the global financial system more secure.

This has been corroborated by a recent study carried out by eToro revealing that almost half of the millennial generation trust in the cryptocurrency market exchanges more than the traditional stock market exchanges, and US respondents would also consider a 401k retirement plan in crypto.

eToro’s study sampled 1,000 online traders and reportedly found 43% of the millennial respondents losing trust in the traditional capital market. Meanwhile, 77% of the older generation sampled are dogged customers of the established capital market.

Accordingly, Managing Director of eToro Guy Hirsch commented on a “generational shift in trust”, which is what blockchain stands for ideally. He went on to suggest that the shift may have been due to the economic crisis and the resulting financial impediments meanwhile the institutions which were supposed to provide confidence were blossoming at the peril of the customers.

Forward-thinking generation

Sometime last year, Swiss Fintech company Creologix concluded that most millennials were not saving for retirement but were, however, stocking up on cryptocurrencies in an attempt to leverage the financial security these new asset classes may provide. eToro’s report also indicated half of the respondents from the survey showed interest in a 401k plan facilitated by crypto.

In the United States, perhaps one of the reasons driving these millennials more into crypto is because of the insurmountable pressure of college debts as well as the quest for financial stability, especially with the speculation of another global economic crisis on the horizon.

Compared to other traditional investment vehicles, cryptocurrencies also have been reported to have more appeal to millennials whereby a survey had inferred that: “For Millennials the soaring performance of Bitcoin – followed by an almost equally profound correction – holds more intrigue than the prospect of steady growth in house prices.”

Paradigm blend

The cryptocurrency industry has taken up a likeness to the traditional capital market as it mimics mechanisms such as the traditional funding in the form of initial public offerings and translating it to initial coin offerings, which in its own way has contributed to mass adoption of blockchain and its underlying asset classes.

In order to remain consistent with the technological shifts, as seen with social network evolution, user experience-centered markets tailored by millennials, most legacy institutions are now in conformity with trends in the blockchain industry. And as the report further stated:

“Despite millennials trust in crypto over traditional stock, they are still enthusiastic about the prospect of traditional financial institutions offering crypto assets.”

More so, most of the millennials acknowledge interest in crypto-related products if offered by TD Ameritrade, Fidelity, or Charles Schwab.

Moreover, the crypto industry continues to prove itself as the revolutionary financial technology innovation it’s touted to be, as it attracts institutional investors to the emerging crypto derivative classes; security tokens as well are finding their way into the industry.

 

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