Most Americans Reject Crypto for Retirement Plans

A new survey by the National Institute on Retirement Security (NIRS) reveals that most Americans do not want cryptocurrency near their retirement money. The poll, which included 1,203 US adults, found that 77% of respondents consider crypto in retirement plans to be risky, with 46% labeling it 'very risky'.

The survey also shows that the majority of Americans are concerned about their financial security in retirement. Eighty percent believe the US faces a retirement crisis, up from 67% in 2020. Furthermore, 61% fear they will not be financially secure after stopping work.

The NIRS executive director, Dan Doonan, noted that 'Americans are telling us that retirement security is becoming harder to achieve as they struggle with the affordability of everyday life'. The survey highlights concerns over inflation (73%), market swings (62%), and Social Security cuts if Congress fails to act (76%).

The results suggest a significant trust deficit between Americans and cryptocurrency. Despite regulators allowing crypto in retirement menus, three in four workers call it risky. Bitcoin, the largest crypto asset, currently trades near $78,092.