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Young investors are looking to social media for help with their investment strategies.

Jan 07 2022

Young investors are looking to social media for help with their investment strategies. As Gen Z and Millennials’ investing and cryptocurrency knowledge grows, they’re looking to social media for advice before placing bets (don’t worry, this isn’t another Reddit x GameStop situation). According to a survey from M1 Finance, 60% of Gen Z and Millennial investors have made an investment as a result of social media, and the most likely to do so are short-term investors who are less financially comfortable. Thanks to more time spent at-home and more social media consumption, discovering finance tips from fellow savvy young people isn’t hard to come by these days online, which is helping novice investors feel more confident about how to handle their personal finances. An Affirm study shows the pandemic has made younger generations smarter about their finances compared to generations before them: 42% of Gen Z have started or plan to start saving money by 25-years-old compared to 28% of Millennials, 24% of Gen X, and 17% of Baby Boomers. Our research shows financial / money management skills and trading skills / cryptocurrency are on Gen Z and Millennials’ list of skills they want to learn this year. (AxiosStudy Finds)