With bitcoin prices still sky-high, cryptocurrency has captured the imagination of many investors, with new research from Aviva revealing that many UK adults would even consider cryptocurrency as part of their retirement planning.

After polling 2,000 UK adults, the insurance giant found a growing appetite for crypto-backed retirement plans, with more than a quarter (27%) of people open to the idea of investing in digital assets as part of their retirement. 

Added to that, 23% said they’d consider withdrawing part, or all, of their pension to do so, leaving just 13% unsure.

Among those thinking about using their pension funds to invest in crypto, most (43%) are motivated by the higher potential returns. However, more than a third (36%) said they were excited by investing in innovation and new technologies, while 32% said crypto would help to diversify their portfolio.

Aviva found that despite the high level of interest, potential crypto investments are being tempered by concerns around security risks (41%), a lack of regulation and protection around crypto (37%) and the volatility inherent in crypto trends (30%).

Three in ten (30%) admitted they’re unclear about what pension benefits they might be giving up by cashing out early, and 27% were unaware that such a move carries any financial risk at all.

Although 62% said they would be concerned about losing pension benefits if they opted out to invest in crypto, more than one in five (22%) are unaware of the tax relief and employer contributions available, and 12% didn’t realise their employer contributes to their pension at all.

Amongst younger adults aged 25–34, one in five (18%) say they have already withdrawn money from their pension to invest in crypto, contributing to a total of 4.3 million people (8%) who have done so.

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Aviva said that 82% of UK adults currently invest in a workplace or private pension, but the most recent figures from the FCA show that just 12% of the country’s adult population owns crypto. Despite its growing popularity, it seems that cryptocurrency is still a far cry from being an alternative to mainstream pension investments.

“There are lots of different investment opportunities out there, and it’s easy to see why cryptocurrency has become so popular in recent years,” said Michele Golunska, managing director of wealth & advice at Aviva.

“But we mustn’t forget the value of the good old pension. It comes with some powerful benefits, like employer contributions and tax relief, that can make a real difference to your long-term financial wellbeing. 

“It’s important to weigh up the risks and rewards carefully and make sure your retirement savings are working as hard as they can for you.”