Most Americans Reject Crypto in Retirement Plans
A new survey reveals most Americans are hesitant to have cryptocurrency added to their workplace retirement plans. According to the National Institute on Retirement Security, 53% of respondents oppose employers offering crypto as an investment option in retirement accounts.
The same survey found that a significant majority, 77%, view cryptocurrency in retirement accounts as risky, with 46% calling it very risky. This concern is not limited to crypto alone, however, as the country faces a broader retirement crisis.
Eighty percent of respondents believe the US is facing a retirement crisis, up from 67% in 2020. Sixty-one percent said they worry about reaching financial security in retirement, citing inflation and market swings as major factors behind their concern.
The Labor Department has removed guidance that discouraged crypto in 401(k) plans, but Democratic lawmakers have asked regulators to withdraw a proposal easing crypto access in retirement accounts. The proposal would cover over 90 million retirement savers and set standards for fiduciaries to follow when evaluating alternative assets, including cryptocurrency.