Americans Resist Crypto in Workplace Retirement Plans Despite Regulator Support
A majority of Americans oppose adding cryptocurrency to their workplace retirement plans, according to a recent survey by the National Institute on Retirement Security.
The survey found that 53% of respondents opposed letting employers offer cryptocurrency as an investment option inside workplace retirement plans. This resistance is not limited to those who already own crypto; in fact, 77% of Americans consider crypto investments in retirement accounts to be risky, with 46% calling them 'very risky.'
This wariness is not without reason, given the volatility and unpredictability of cryptocurrency markets. The median retirement savings balance for American workers sits below $1,000, and only about 17% of workers have access to a traditional pension.
In contrast, federal regulators have been moving in the opposite direction, with the Department of Labor rescinding guidance that discouraged fiduciaries from considering cryptocurrency in workplace retirement plans. A new proposal from the Labor Department would allow fiduciaries to evaluate alternative assets on a case-by-case basis, rather than relying on blanket restrictions.
Not everyone is on board with this proposal, however; some Democratic lawmakers have expressed opposition, citing concerns about the risks and complexities of cryptocurrency investments.