Per Business Insider

American Gen Z individuals are reportedly trying to become more aggressive toward reaching their financial goals. This resulted in 80% of them starting to invest before they turned 21.

This information came from a Financial Industry Regulatory Authority Investor Education Foundation (FINRA) and CFA Institute survey. One major finding was that the fear of missing out (FOMO) has encouraged younger people to start investing.

It was found that over 80% of Gen Z individuals from the US and UK started investing before they turned 21. To add, a large percentage of Canadians and Chinese also started to do the same.

The survey found that 79% of Canadians and 63% of Chinese started to invest before they reached 21%. Regarding the Chinese Gen Z, only 7% of them started investing before they turned 18.

In the UK and Canada, it was found that 20% of Gen Z individuals started to invest before turning 18 while in the US, a quarter of them already started investing before turning 18.

It was also noted that Gen Z individuals are using TikTok, Instagram, YouTube, and other platforms to search more about this topic. Despite many young investors already planning for the future, at least 68% cited inflation and rising living costs as their major concerns.

In February, it was reported that Gen Z savings averaged just $33,000, while Baby Boomers had a median of $162,000 in retirement savings. It was also noted that Gen Y individuals had a median of $50,000 in retirement savings while Gen X had a median of $87,000 in retirement savings.

In February, it was reported that almost half of Gen Z employee income came from two roles. Only 21% of Boomers were likely to have more than one position.

This came as 65% of Gen Z individuals either had or would consider a side job while 42% of Boomers preferred to work remotely due to them being more productive.

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