Approximately a quarter of UK adults say they are open to encryption, which forms part of their retirement plans. This suggests that crypto could claim a larger share of the UK multi-length pension fund market.
UK insurance company Aviva said Tuesday that polls of 2,000 UK adults found 27% open to codes in retirement funds.
A survey conducted by the Census-wide between June 4th and 6th, 23% of all surveyed people said they would consider investing in cryptocurrencies, or some or all of their existing pensions.
Crypto investments in UK retirement plans could significantly increase capital flows into the space, with over four in four UK adults holding pensions worth £3.8 trillion ($5.12 trillion).
However, UK adults have limited options for adding codes to their retirement funds.
It comes when US President Donald Trump signed an executive order earlier this month, allowing the US 401(k) retirement plan to open access to assets of more than $9 trillion, including Bitcoin (BTC) and other cryptocurrencies.
sauce: Cointelegraph
The fifth British man has already dabbled in code
Aviva said one in five people surveyed (equivalent to about 11.6 million people) have or have a code, and about two-thirds of them say they own a code with a certain ability.
Almost a fifth of UK adults aged 25 to 34 have already withdrawn their pension funds to invest in Crypto, saying they are the biggest contributors to 8% of all respondents who reported the same.
Brits are still worried about the risks of cryptography
Respondents cited security risks such as hacking and phishing attacks, as well as lack of cryptography regulations and protection as the biggest risk concerns at 41% and 37%, respectively, while crypto volatility was flagged as 30% concerns at 30%.
Related: Bitcoin 401(k)S Thrill Cryptographer, but there are serious risks
Michele Golunska, managing director of Aviva’s wealth and advice, says it’s easy to see why Crypto has become an attractive investment option in recent years, but pensions still offer great benefits.
“We must not forget the value of good old pensions. There are powerful benefits that can make a huge difference in long-term financial health, such as employer contributions and tax relief.”
Many UK adults are aware of risks
One in three respondents said they were interested in Crypto, but admitted they didn’t fully understand the benefits they could give up by cashing into their pension, but 27% were unaware of the risk.
The UK has made careful progress in crypto regulations and in May saw agents where crypto exchanges, dealers and agents are treated similarly to Tradfi companies, unveiled a proposed framework with strong compliance checks focused on transparency and consumer protection.
UK banks appear to be slower in adoption, with 40% of the 2,000 people surveyed recently saying that banks have blocked or delayed payments to crypto providers.
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