Survey: 77% of Americans believe cryptocurrencies are risky in retirement plans

Survey: 77% of Americans believe that it is risky to include cryptocurrencies in retirement plans.

The latest survey by the National Retirement Security Institute (NIRS) shows that most Americans are still cautious about including cryptocurrencies in their workplace retirement plans. The study comes as U.S. policymakers work to expand the range of alternative assets options in 401(k) s and other defined-contribution plans-which could bring cryptocurrencies more directly into the discussion of retirement savings.

According to a NIRS survey, 77% of Americans believe that including cryptocurrencies in workplace retirement plans is risky, and 46% of them believe that the risk is "extremely high." At the same time, 53% of respondents oppose employers offering cryptocurrencies as an investment option.

Key findings

· 77% of respondents believe that exposure to cryptocurrencies in workplace retirement plans is risky, of which 46% believe it is "extremely risky."
· 53% oppose employers including cryptocurrency as investment options in retirement plans.
·Concerns about retirement security intensify: 80% believe the United States faces a retirement crisis, up from 67% in 2020. [TAG 11]·Debt and affordability pressures persist: 77% of people say debt prevents them from saving adequately. [TAG 12]·Regulatory direction is shifting: Multiple federal actions have shifted from previous "extremely cautious" language to frameworks that may promote the inclusion of alternative assets.

Survey shows lack of trust amid increased pressure of retirement

The NIRS report links cryptocurrency-related findings to broader anxiety about retirement outcomes. Eighty percent of respondents said the United States faces a retirement crisis-up from 67 percent in 2020-while 61 percent expressed concerns about their financial security after retirement.

Affordability challenges also became the core of the survey results. The report showed that 68% believe it is becoming increasingly difficult to prepare for retirement, and 77% say debt prevents them from saving enough. In this context, investor protection and risk tolerance are likely to remain key points of disagreement for any plan sponsor considering exposure to cryptocurrencies.

The survey was conducted by Greenwald Research from October 24 to November 14, 2025, and surveyed 1203 Americans aged 25 and older. The results were weighted by age, gender and income.

From "extreme caution" to neutrality: Policy shift

Although public opinion in the NIRS survey is negative about cryptocurrencies in employer retirement plans, the regulatory stance is moving in the opposite direction. The NIRS report pointed out that policies aimed at expanding access to alternative assets in defined contribution plans have shifted under the push of the Trump administration and federal regulators.

A turning point came when the U.S. Department of Labor withdrew guidance issued in May 2025 that had urged 401(k) plan trustees to exercise "extreme caution" when considering cryptocurrency investments. Instead, the Labor Department has returned to a neutral stance that neither supports nor opposes cryptocurrencies as an investment option.

The policy shift accelerated further on August 7, 2025, when President Donald Trump signed an executive order aimed at "democratizing 401(k) investors 'access to alternative assets." The order calls for expanded access to alternative assets in defined contribution retirement plans, including assets carried in investment vehicles that hold digital assets, and directs the Labor Department and the Securities and Exchange Commission to consider regulatory changes.

The Department of Labor's guidance continues to relax the threshold

After the executive order was issued, the Department of Labor also withdrew previous wording. Days later, it revoked a 2021 guidance document that had discouraged 401(k) trustees from considering alternative assets and said investment decisions should be evaluated through a neutral, principles-based framework.

Recently, the Department of Labor has moved from withdrawing old guidance to developing a framework for how trustees can evaluate alternative assets in planned investment options. In March 2026, the Department of Labor proposed rules that describe how 401(k) trustees can include alternative assets-again, the goal is to provide a structure to reduce litigation risk. The proposal requires trustees to consider factors such as fees, liquidity, valuation and performance.

However, the debate is far from over. The NIRS report noted opposition from some lawmakers, including Senators Bernie Sanders, Elizabeth Warren and Rep. Bobby Scott, who in June urged the Labor Department to withdraw the proposal. According to previous reports, their objections cited the volatility of cryptocurrencies and argued that the protections for investors were insufficient.

Why disagreements are important to retired investors

The NIRS investigation and ongoing regulatory changes indicate that there is a significant mismatch between the American public's perception of cryptocurrency risks and the possible evolution of the regulatory framework in the retirement plan menu.

For plan sponsors and trustees, this gap is likely to affect the acceptance of the proposal among employers, participants and policymakers. Even as the rules become clearer about the standards for due diligence, the core question for retired consumers will always be whether cryptocurrency exposure is consistent with retirement risk tolerance-especially since the same survey shows that many Americans already face affordability and debt difficulties.

The next critical stage for participants will be to see whether the Department of Labor's proposed rules can be finalized to substantially change the options available to employers and how regulators respond to specific concerns raised by lawmakers-particularly issues surrounding volatility, liquidity and valuation transparency.

As highlighted by the NIRS data, public skepticism is high; therefore, subsequent regulatory decisions and any resulting plan changes will not only face the test of legal standards, but will also depend on whether they can win the trust of participants in the context of retirement security.