A new survey from Investopedia found financial literacy education needs a major overhaul to keep up with dramatic generational shifts in investing and retirement planning.
Ahead of Financial Literacy Month this April, the Investopedia 2022 Financial Literacy Survey asked 4,000 U.S. adults—1,000 each from Gen Z, Millennial, Gen X, and Boomer generations—about their financial know-how, habits, worries, and retirement plans. The results show many younger Americans are banking on riskier assets to pay for earlier retirements, and they’re turning to social media to teach them how.
Some of Investopedia’s most important findings include:
- Millennials are just as likely to be invested in cryptocurrency (38%) as they are the stock market (37%), and 1 in 4 say they’re relying on crypto to help fund their retirement.
- Members of Gen Z and Gen X aren’t far behind in crypto investments, with 23% and 28% respectively owning digital currency.
- More than half (53%) of Gen Z respondents expect to stop working before age 60, and many intend to rely on social security (27%) and crypto (17%) to fund their retirement.
- 10% of Gen Z, 15% of Millennials, and 13% of Gen X are invested in non-fungible tokens (NFTs).
- 39% of Gen Z investors report getting their investing information from YouTube.
- 30% turn to TikTok for personal finance information.
- Internet searches (39%) and conversations with friends and family (44%) were also cited as important sources of information.
- Learn how to do their taxes (34%).
- Reduce debt (31%).
- Build or improve their credit score (30%).
Click here to view the Investopedia 2022 Financial Literacy Survey.
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