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- Younger generations are now closing their investment accounts in record numbers due to inflation, rising rent costs, and a decrease in direct government stimulus
- Younger generations are starting to change their attitudes and actions about investing and the usage of social media
- Gen Z and younger Millennials are least motivated by “aspirational” content on social media
Generation Z and younger Millennials have come of age in both an asset boom and a social media explosion. However, things may not be quite what they seem! In a new national study, Envestnet and my research firm, CGK, uncovered that younger generations are starting to change their attitudes and actions about investing and the usage of social media. This is a huge deal not only for Gen Z, but for their parents, employers, and financial services. Watch the entire very fast-paced interview with surprising stats by clicking here.
When it comes to investing, Gen Z and younger Millennials are now closing their investment accounts. That’s right! These young generations that opened accounts and started investing—from crypto to Meme stocks—are now closing their accounts in record numbers.
Why is this happening with Generation Z?
“They’re having to draw down on whatever savings, draw down on their investments. Plus, you’ve got to remember, Generation Z never been through a market like this. Many of them opened the accounts during…the pandemic. They saw the market go up, and many thought it was just going to go up. All of a sudden, it’s going down. So we’re seeing them close their accounts…”
In my high-energy Yahoo! Finance interview, I spoke about the impact of inflation, rising rent costs, a decrease in direct government stimulus, and much more. I shared that Gen Z rode the asset bubble to new highs yet are now facing a crumbling stock market and asset decline while their personal costs are going up. The result: closing accounts and decreasing spending as their core cost of living expenses go up due to inflation.
And when it comes to social media, Gen Z also is showing some characteristics that are both different and similar to younger Millennials. On one hand, a new national study revealed that Gen Z is least motivated by social media influencers and posts focused on “aspirational goals,” such as making a lot of money or living a lifestyle of luxury! This is a big deal because so many brands, influencers, and social marketing continue to pump out this aspirational lifestyle, yet it is clearly a big miss with Gen Z.
“It turns out that authenticity to Gen Z means vulnerability. And many of them feel like they can get vulnerability through social media. And if you look at the social media platforms that have really taken off, many of them are not the perfectly polished Instagram types.”
At the same time, in a continuation of Millennial trends, Gen Z is looking to see much more diversity and inclusion in social media from brands. This diversity should much better resemble Gen Z, the most diverse generation in the US, and align with their values, goals, and priorities if a brand wants to attract and keep this critically important, trendsetting generation.
If you enjoyed the insights I shared with Yahoo! Finance, you’ll love CGK’s latest State of Gen Z research. This research series dives deep into Gen Z data, insights, discoveries, and more. And if you really want to unlock the potential of Generation Z as employees, customers, and trendsetters, pick up a copy of CGK’s bestselling book on Generation Z, Zconomy: How Gen Z Will Change the Future of Business.
For more information about Envestnet’s study, click here to download the entire white paper. I am inspired to be on this journey of generational discovery with you!
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