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  • Writer's pictureConnie Chan

Crypto Becoming One Of Most Popular Ways Of Saving Or Investing

Charles Schwab has just released its 2022 401K Participant Study, in which it finds that a quarter of participants surveyed are saving or investing in cryptocurrencies.

The Charles Schwab 2022 401K Participant Study was conducted by Logica Research. It surveyed 1000 401K plan participants aged from 21 to 70 years of age.

Top Methods For Investing/Saving

Across the Gen Z, Millennials, Gen X, and Boomers who were polled on their top methods for investing/saving for retirement, most stated that they kept most of their savings in a savings account (61%).

The 5th most preferred option was that of investing in cryptocurrencies, where 31% of Gen Z, 35% of Millennials, 25% of Gen X, and only 4% of Boomers were using the crypto option.

A Broad Range Of Investments

When asked the question “What types of investments do you currently own outside of your 401K”, a very broad range of investments were mentioned, especially among the younger 401K holders.

Here, 53% of all those surveyed held stocks, 33% held cryptocurrencies, and 29% held mutual funds. Of those holding crypto, 43% were Gen Z and 47% were Millennials, while only 4% of Boomers invested in crypto.

When it came to the type of investments that the participants wanted to be able to add to their 401Ks, annuities with a guaranteed income on retirement was the first choice with a combined 39% among all generations.

Cryptocurrencies was the number 2 choice with a combined 32%. Once again, this option was preferred by the younger generations, with Gen Z 46%, and Millennials at 45%. Boomers brought up the rear with only 11%.


The study released by Charles Schwab does throw up some very interesting findings. Firstly, it does seem a little odd that across the board, all generations surveyed had from 56% to 65% of their savings/investments in straightforward savings accounts.

It can be imagined that these will not be offering more than 1 or 2% at the most, and considering inflation is running at near to 10% (which might be considered a very conservative figure) funds in savings accounts will be making quite a substantial yearly net loss. It may just be that the average person does not join the dots on the effects of inflation.

As far as investment in cryptocurrency goes, it does appear that cryptocurrencies are making up a much larger part of investments than most other investment options, even if this takes place among the majority of younger individuals. Boomers have obviously not got to the point where they trust crypto enough to invest in it.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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