Investors most frequently ranked cryptocurrency as the least important of 16 possible features in a retirement plan, according to a survey by Morningstar.
“While advisers might find it worthwhile to gauge clients’ interest in cryptocurrency, particularly Millennial and Gen Z clients — who were approximately five times as likely to prefer cryptocurrency in their retirement plan as Baby Boomers — it shouldn’t be a primary factor in decision-making,” Morningstar said in a commentary about the survey results. “People still tend to desire traditionally attractive features such as good employer matches and the availability of professional advice.”
Among the 16 plan features that investors ranked were quarterly performance statements, availability of professional advice, the number of investment alternatives, a mobile app and auto-escalation.
Although younger investors appear to find cryptocurrency more appealing than older investors, Morningstar said even younger investors generally remain hesitant about adding it to their retirement portfolios.
“They may be five times as likely to be interested in cryptocurrency, but that still adds up to less than 5% of the broader population of younger investors,” Morningstar said.
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Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.