Nearly half of American voters support expanding retirement investment options to include vehicles like private equity and cryptocurrency, according to a new poll from Fabrizio Ward, President Trump’s chief polling firm. And among Trump voters, support is overwhelming.
Seventy-one percent of all voters—and a staggering 87 percent of Trump supporters—said they want more investment options, not fewer, in their retirement accounts. That sentiment sharply contrasts with the Biden administration’s move to restrict access to assets like private equity and crypto for everyday investors.
The poll found that 47 percent of voters, and 68 percent of Trump voters, back letting workers invest in private equity funds through their 401(k) plans. Once respondents were told the Trump administration had issued guidance enabling this—and that Biden later rolled it back—support jumped even higher. Fifty percent of all voters and 81 percent of Trump voters said they support Trump’s original policy.
Biden’s Department of Labor, under pressure from progressive financial regulators, had discouraged employers from offering exposure to private equity or digital assets in retirement plans. But Trump’s team is pushing to reverse that. In late May, Labor Secretary Lori Chavez-DeRemer rescinded the Biden-era guidance that put a damper on cryptocurrency offerings in 401(k)s.
Chavez-DeRemer said, “The Biden White House tried to put their thumb on the scale to steer people away from crypto. We’re making it clear that investment decisions should be made by fiduciaries, not DC bureaucrats.”
Voters agree. A strong majority—64 percent overall and 66 percent of Trump voters—said it’s unfair that private equity investments are typically reserved for the wealthy or big institutions like Wall Street banks and pension funds. They want those same opportunities opened up to average workers saving for retirement.
The survey also revealed surprising support for including cryptocurrencies like Bitcoin in retirement portfolios. Forty-one percent of voters overall and 63 percent of Trump voters said they favor giving 401(k) participants that option.
One of the most revealing stats: 64 percent of voters agreed that restricting access to private equity is based on outdated thinking that the middle class can’t handle risk. The poll pointed out that the S&P 500 itself is increasingly concentrated in just seven tech giants, posing a risk of its own. Respondents said adding private equity could diversify portfolios and strengthen returns.
This polling comes at a critical time as Trump prepares to frame his economic platform for the 2026 midterms and a likely 2028 run. One of his major talking points has been reclaiming financial freedom for middle-class Americans—allowing them to invest in their future the way elites already do.
In contrast, Biden’s stance on retirement investing appears more paternalistic. By reversing Trump’s guidance on alternative investments, the administration essentially argued that workers can’t be trusted to handle complex asset classes.
But the numbers show voters aren’t buying it. They want access. They want options. And they trust Trump’s policies to deliver both.
As debates around retirement reform, inflation, and Wall Street’s grip on the economy heat up, this issue could become a defining wedge between the two parties. For now, Trump is clearly on the side of empowering the worker—while Biden’s team keeps trying to fence them in.
