A Substantial Portion of Gen Z and Millennials Prefers Investing in Bitcoin and Crypto: Study

According to a study, 46% of Gen Z and 45% of Millennials want to invest in cryptocurrencies for their retirement.

GenZ and Millenial crypto
  • According to a Charles Schwab study, 46% of Gen Z and 45% of Millennials want to invest in cryptocurrencies for their retirement.
  • The survey also found that 43% of Gen Z and 47% of Millennials have invested in crypto outside their 401(k).
  • Young minds see diversifying assets as a way to reach their financial goals, says Catherine Golladay, head of Schwab Workplace Financial Services.

Charles Schwab, an asset manager based in the United States, has published its latest survey, illustrating the preference for Bitcoin and Crypto investment by a substantial portion of Gen Z and Millennials. 

According to the study, 46% of Gen Z and 45% of Millennials wish to invest in cryptocurrencies to aid their retirement plans.

Gen Z were born between the mid to late 1990s and the early 2010s. In contrast, Millennials are those born from the early 1980s to the mid-1990s.


Further, the study realized that 37% of Gen Z and 54% of Millennials got their first investment experience through 401 (k). In comparison, the figure reads 11% and 10% for Gen Z and Millennials respectively choosing crypto as their first investment option. 

Additionally, the survey found that 43% of Gen Z and 47% of Millennials have begun investing in crypto outside their 401 (k).

“401(k) No Longer the Only Path to Retirement”

According to Catherine Golladay, head of Schwab Workplace Financial Service, young minds are beginning to question traditional approaches to work and retirement since many of them have changed jobs and priorities during the last pandemic.


“The 401(k), while still their primary retirement savings tool, is no longer viewed as their only path to retirement,” Golladay said. “They see an opportunity to reach their financial goals through diverse assets that are making them excited about investing and engaged in their financial futures.”

However, as of press time, Schwab is not offering any crypto investments as 401(k) plans.

It is worth noting that Schwab sampled 1,100 401(k) retirement plan participants in the survey. The participants were between the age of 21 and 70, and each was made to complete the 10-minute questionnaire.

Accordingly, participants in the survey needed to have worked with a company with at least 25 employees and must have also contributed to the company’s 401(k) plans.

On the Flipside

  • Despite a positive trend with cryptocurrency adoption among younger generations, according to a Chainalysis study crypto adoption has slowed since Q4 2021 and then stabilized. 

Why You Should Care

Younger generations are becoming more confident about digital assets, according to a recent report. The present market may tell a different story, but looking ahead, cryptocurrencies are likely to be adopted far more widely in five to ten years.


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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Soumen Datta

Soumen has been a dedicated researcher and writer in the field of cryptocurrencies for the last few years. Even though Indian crypto regulations are still unclear, he believes that India will continue to innovate in the years to come. He loves to play his guitar and sing along in his spare time. He holds bags mostly in BTC, ETH, BNB, MATIC, ADA.