NEW GEN Z 101: Unlock & Outlast Microtrends

Millennials are “way ahead” of their parents’ generation when it comes to saving for retirement—and more of them are investing in cryptocurrency. 

Apr 29 2022

Millennials are “way ahead” of their parents’ generation when it comes to saving for retirement—and more of them are investing in cryptocurrency. According to a Charles Schwab study, Millennials are actually ahead of Baby Boomers when it comes to saving for retirement, with the younger gen already putting away funds in their mid-20s, “beating their parents by about a decade.” They also have higher balances in their 401(k) funds than Gen X did at the same age, according to Pew research. However, the increased savings might not necessarily be a positive thing: One expert notes that Boomers felt like their retirement was already taken care of for them, while Millennials “don’t have that luxury.” The National Institute on Retirement Security found that 72% of Millennials are “significantly pessimistic” about achieving financial security in retirement compared to 43% of Boomers. However, Millennials are focused on cryptocurrency—and the Charles Schwab survey found that about 25% of Millennials plan to invest in digital currencies compared to 5% of Boomers. Meanwhile, asset managers are adjusting to the change: Fidelity announced that it would allow its investors to put a portion of their savings in Bitcoin as long as their employers are on board. And while some advisors remain skeptical, YPulse’s Buying Into Crypto and NFTs trend report found that 63% of Millennials say crypto and other digital investments are the future. (CNN)