About 60% of Gen Z and millennial investors have made an investment as a result of social media, a new report shows. Those most likely to act on social media tips are younger, short-term investors who are less financially stable.
For today’s investors, the latest jackpot idea might be sandwiched between cat videos and political snark on social media.About 60% of Gen Z and millennial investors have made an investment as a result of social media, according to aThose most likely to act on social media tips are younger, short-term investors who are less financially stable, the survey shows.
“It is almost impossible to scroll through social media or watch the news without hearing about someone hitting the jackpot through the latest meme stock or cryptocurrency,” Brian Barnes, M1 Finance CEO and founder, says in the release.Barnes notes that despite the ubiquity of get-rich-quick ideas that proliferate on social media, a sizable cohort of investors remains long-term focused.invested based on social media tips.
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