Majority of Americans Oppose Crypto in 401(k) Plans

Most US Workers Skeptical of Cryptocurrency in Retirement Plans

A national survey released by the National Institute on Retirement Security shows growing public resistance to including cryptocurrency in workplace retirement plans. According to the poll, 53% of Americans do not support employers offering crypto as an investment option in 401(k)-style plans, while 77% characterize such investments as risky. These attitudes come amid widening concern about the country’s long-term retirement security and increasing household financial pressures.

Survey details: who was asked and what they said

The findings are drawn from a Greenwald Research national survey conducted from Oct. 24 through Nov. 14, 2025, that polled 1,203 U.S. residents aged 25 and older. Results were weighted by age, gender and income to reflect the broader adult population. Nearly half of respondents described crypto in workplace retirement accounts as 'very risky,' forming a major portion of the overall 77% who expressed concern.

Key statistics from the survey

• 77% of respondents said cryptocurrency in workplace retirement plans is risky.
• 53% oppose employers adding crypto to retirement investment menus.
• 80% believe the United States is facing a retirement crisis, up from 67% in 2020.
• 61% worry about being financially secure in retirement.

These headline numbers signal clear skepticism among savers toward introducing digital assets into employer-sponsored plans, even as a growing share of U.S. adults spend, trade, or hold crypto outside of retirement accounts. A separate Federal Reserve survey from May 2025 found roughly 10% of adults had used or held cryptocurrency—up from 7% in 2024—but broader acceptance of crypto does not automatically translate into support for placing it inside tax-advantaged retirement vehicles.

Why savers view crypto as risky

Several factors explain why so many respondents flagged digital assets as unsafe for retirement savings. Cryptocurrency tends to be more volatile than traditional plan investments such as diversified stock or bond funds; regulatory uncertainty and high-profile market shocks have also shaped public perception. The U.S. Government Accountability Office has previously highlighted the unique volatility of digital assets and the limited track record for projecting their future returns, a point that resonates with plan participants and fiduciaries alike.

Financial stress amplifies resistance

The survey also underscores how macroeconomic pressures influence attitudes toward retirement planning. High household costs, rising debt, and stagnating savings make workers less tolerant of speculative options in their limited retirement portfolios. Key findings include:

• 68% reported that preparing for retirement has become harder.
• 77% said debt prevented them from putting aside enough money for retirement.

Those responses place the crypto question inside a larger narrative: Americans are worried about the ability of workplace plans to deliver adequate retirement income, and many prefer stable, predictable investments over assets perceived as highly speculative.

The retirement landscape: limited savings and reliance on Social Security

The National Institute on Retirement Security’s broader research highlights stark gaps in retirement preparedness. A February 2026 analysis of Census Bureau data found the median retirement savings balance across the U.S. workforce was below $1,000. Access to employer-provided plans remains uneven: many workers lack any workplace retirement option, and Social Security continues to supply a substantial portion of retirement income—about 52% for older Americans, according to the institute’s analysis.

Defined-benefit pensions are rare today; only around 17% of workers had access to a traditional pension as of December 2022. In contrast, defined-contribution accounts like 401(k)s place investment decisions and market risk largely on employees, which helps explain why survey respondents worry about injecting highly volatile assets into those accounts.

Federal policy shifts: from caution to a more permissive approach

Regulatory developments in recent years have moved in a direction that could make it easier for employers to offer alternative assets—including crypto—in workplace retirement plans. In May 2025, the Department of Labor rescinded guidance that had instructed retirement-plan fiduciaries to exercise 'extreme care' before adding cryptocurrency to investment menus. Officials said the earlier stance departed from the department’s typical neutral principles-based approach, and that fiduciaries should instead apply their ERISA duties when deciding whether to include any asset.

President Donald Trump reinforced a broader policy pivot on Aug. 7, 2025, by signing an executive order on alternative assets. The order directed the Labor Department to review guidance on fiduciary duties and consider changes that could expand access to nontraditional investments—ranging from digital-asset funds to private equity, private credit and real estate.

Five days later, the Labor Department rescinded a 2021 statement that had discouraged fiduciaries from considering private equity and similar alternative investments. The agency stressed that removing those statements did not force employers to add crypto or other alternatives; plan sponsors still retain the responsibility to evaluate whether an investment’s costs, risks and structure are suitable under ERISA.

March 2026 proposal: a framework for evaluating alternative assets

In March 2026 the Labor Department proposed a rule explaining how fiduciaries could evaluate alternative assets for workplace plans. The framework is designed to offer safe harbors: fiduciaries that follow specified review standards could reduce their litigation exposure. The proposal would require documentation and an objective review of factors such as performance, fees, liquidity, valuation, redemption terms, and participants’ ability to understand an investment.

The rule would not compel plan sponsors to add crypto, private equity, or private credit. Instead, it would shift the regulatory focus from blanket prohibitions based on asset type to a prudence-based, evidence-driven review process for each investment. Department officials have said the rule would not grant unfettered access to crypto or private funds, but would allow fiduciaries to consider alternatives if they can demonstrate they meet ERISA prudence requirements.

Political pushback and industry implications

The proposed rule prompted prompt political opposition. In June, Senators Bernie Sanders and Elizabeth Warren, along with Representative Bobby Scott, urged the Labor Department to withdraw the proposal. They argued that cryptocurrency could expose workers to price volatility, fraud, and weaker investor protections than those available for publicly traded securities. The lawmakers also raised concerns about whether fiduciaries could reliably value certain digital assets using established methods for projecting returns.

Their critique extended to other alternative investments too, like private equity and private credit, which they said can carry high fees, limited liquidity, and opaque valuation. The Labor Department’s rulemaking is ongoing; the agency could revise, finalize or withdraw the proposed framework after considering public comments.

What plan sponsors and savers should consider

For employers and plan fiduciaries, the current environment demands diligence. Even with the regulatory door more open, adding crypto or other alternative assets to a 401(k) menu requires a rigorous, well-documented fiduciary process that examines suitability for the plan’s participant population. Key considerations include:

• Liquidity and redemption terms: Can participants access funds when needed?
• Valuation and transparency: Are reliable valuation methods and reporting available?
• Fees and costs: Do fees versus expected returns justify inclusion?
• Participant understanding: Will average participants comprehend the risks?
• Diversification and risk tolerance: Does an allocation to crypto materially change the plan’s risk profile?

For individual savers, the survey’s results highlight a cautionary posture: many Americans see crypto as an imprudent holding for retirement savings, particularly when retirement account balances are small and everyday financial pressures limit the ability to absorb losses.

Conclusion: balancing innovation and prudence

The debate over crypto in workplace retirement plans sits at the crossroads of innovation, investor protection and retirement security. Survey data show a clear majority of Americans are wary of exposing retirement accounts to the volatility and uncertainty of digital assets. Meanwhile, regulatory changes and proposals are opening pathways for fiduciaries to consider alternatives—if they can meet prudence and documentation standards under ERISA.

As policymakers, plan sponsors and participants weigh the trade-offs, the central challenge remains unchanged: preserving the stability and predictability of retirement savings while responsibly assessing new investment tools. For now, most workers appear to prefer caution over experimentation when it comes to their retirement nests.