Gambling App, Gamblers Pick, have recently undergone a study to asking 872 people about their investment strategies to explore how different generations were investing in financial markets.
Twenty-four percent of those surveyed were ‘Generation Z’ (born between 1997 and 2015); 27% were millennials (born between 1980-1995), 25% were members of Generation X (from the mid-1960s to the early 1980s) and 24% were baby boomers or older (born after the world wars and the 1960s).
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Overall, a quarter of responders admitted to investing frequently and said it was a relatively popular activity with them, with only 12% saying they rarely did so. On a generational level, Gen Z couldn’t get enough of the practice, with over 28% saying they were constantly investing.
Gen Z Love Them Crypto Especially the Meme Coins
Nearly a quarter of new young crypto investors are actively investing in meme-driven cryptocurrencies like Dogecoin. This trend is believed to have been instigated by celebrities like Elon Musk who continually endorse such coins.
The ‘meme’ sector, controls more than 3.43% of the total crypto market capitalization and is worth more than $70 billion as at press time.
A staggering 55% of Gen Z, according to the survey, said they were investing primarily in the stock market versus 46% who said they paid long-term crypto bets. Interestingly, 23% said they actively invested in ‘memes’ (think Dogecoin, Shiba Inu, and others).
Following the trend, 16% of Gen Xers said they dabbled in memecoins as well, while a small (and probably adventurous) 7% of baby boomers stated that they invested in memes.
NFTs Losing its Charm
Only 9% of the Z Generation said they made investments in digital ‘collectibles’ or non-fungible tokens (NFTs), with other generations displaying even lower interests: 7% for millennials, 2% for Gen X and 3% for Baby Boomers, in line with the overall decline in the sector.
Recent sales data shows that NFT prices are falling across the board and there are fewer interested in the new-age technology, suggesting that the 2020 NFT frenzy could, for the most part, have been a fleeting fashion. They were less likely to invest in NFT but more likely to invest in clothing and sneakers.
Investment Driven by Social Media
The survey found that Gen Z’s investment habits were more likely to be influenced by Reddit, Twitter, and other social networks, while older generations are more likely to have their investments influenced by magazines, newspapers, and television.
This age group were most likely to invest in cryptocurrencies, meme investments, currencies, and NFTs. Meanwhile, the main reason Gen Z and millennials invested was primarily to save for the future (48%) and earn a modest amount of money (49%). However, a small part did it to “play the game” (28%) and “fight institutional investors” (22%), while some even claimed it was their way of betting (14%).
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