Young men aren’t investing in a 401(k) for retirement — they’re banking on bitcoin

Young American men are betting large connected crypto. Traditional status savings? Not truthful much.

A caller survey of 1,000 U.S. men 18-29 from YouGov and the Young Men Research Project (YMRP) — a probe enactment studying societal and governmental trends among young American men — recovered that 26% of young men ain cryptocurrency and 28% ain immoderate crypto-based plus — including currency, crypto-based ETFs, oregon both. That’s higher than the 21% percent who person a 401(k), Roth IRA oregon akin status fund. For context, 24% of young men clasp idiosyncratic stocks — trailing crypto ownership.

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Among crypto holders, bitcoin BTCUSD is the currency of prime — 53% study owning it, and 18% held ether ETHUSD oregon Solana SOLUSD. Less than 1 successful 5 person invested successful “memecoins” that tin plaything adjacent much wildly successful value.

Crypto’s chiseled propulsion among young men is well-documented, but these results situation communal stereotypes. The emblematic caricature — reckless, lower-income gamblers chasing accelerated wealth — doesn’t precisely clasp up.

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Higher-earning young men are much apt to person some crypto and status accounts. Among those with household incomes of $100,000 oregon more, 42% ain cryptocurrency and 33% person a status money — astir doubly the rates of those earning nether $60,000. Education tells a akin story: 39% of college-educated young men ain cryptocurrency, compared with 23% of their non-college-educated peers.

Full-time employees — those with greater entree to employer-sponsored plans — person much balanced portfolios. Thirty-seven percent ain cryptocurrency, the aforesaid stock has status accounts and 34% clasp idiosyncratic stocks. Among part-time workers, however, 27% clasp cryptocurrency portion lone 16% person a status account. This spread is simply a informing motion for the burgeoning gig economy, wherever workers commercialized unchangeable worker benefits for much flexible schedules.

Nothing successful the canvass results suggests that young men are avoiding 401(k)s by choice. Almost fractional of full-time American workers deficiency entree to immoderate employer-sponsored status plan, and entree is adjacent much constricted for young workers, who are much apt to clasp part-time oregon unstable jobs. Even erstwhile a program is available, a 401(k) program places much hazard connected the idiosyncratic than accepted defined-benefit pensions. Amid this fiscal uncertainty, it’s not astonishing that young men are looking for alternate pathways to physique wealth.