Investment Overview All Sources
Key metrics at a glance · FINRA 2023 · Schwab 2025 · Motley Fool 2025
Age Started Investing
19vs 25 Millennials
Gen Z starts 6 years earlier · Schwab 2025
Crypto Ownership Rate
55%vs57%
Nearly identical · FINRA 2023
Made Investment via FOMO
50%vs42%
FINRA 2023
Trade Daily or Weekly
50%vs43%
Motley Fool 2025
First Investment was Crypto
44%vs35%
FINRA 2023 · Key differentiator
Primary Goal: Retirement
20%vs30%
Motley Fool 2025
Primary Goal: Passive Income
43%vs40%
Motley Fool 2025
Use Investing Apps to Trade
65%vs55%
FINRA 2023
Asset Ownership Snapshot · FINRA 2023
Gen Z
Millennials
Investment Goals · Motley Fool 2025
Gen Z
Millennials
The headline finding from three sources: Crypto ownership is nearly identical (55% Gen Z vs 57% Millennials), yet the behavioral gap is stark. Gen Z is more likely to have started with crypto (44% vs 35%), trades more frequently (50% daily/weekly vs 43%), and frames investing as passive income rather than retirement planning. The generational split is less about what they own — and more about why and how they invest.
Asset Ownership Rates FINRA 2023
% of investors who hold each asset class · n=2,872 · U.S., Canada, UK, China · Nov–Dec 2022
Ownership by Asset Class
Gen Z
Millennials
Gen X
Gen Z Asset Mix
Detailed Comparison · All Generations
| Asset Class | Gen Z | Millennials | Gen X | Gen Z Lead | Notable |
|---|---|---|---|---|---|
| Cryptocurrency | 55% | 57% | 39% | –2pp | Nearly identical ownership |
| Individual Stocks | 41% | 38% | 43% | +3pp | Gen Z leads |
| Mutual Funds | 35% | 43% | 47% | –8pp | Millennials prefer managed funds |
| NFTs | 25% | 28% | 15% | –3pp | Both young gens high |
| ETFs | 23% | 26% | 22% | –3pp | Close across all generations |
| First investment was crypto | 44% | 35% | 23% | +9pp | Strongest Gen Z differentiator |
⚠️ Important: These are ownership rates (% who hold the asset), not portfolio weight percentages.
Portfolio Allocation Schwab 2025 Wave 2
Actual % portfolio weight across all U.S. investors · n=756 currently investing · October 2025 · Not broken out by generation in public report
Average Portfolio Allocation — All U.S. Investors
Allocation vs. Ownership Rate
Avg Portfolio Weight %
% Who Own It
Crypto Ownership Breakdown
Currently own29%
Previously owned23%
Don't own, interested11%
Not interested35%
Why Own Crypto
Long-term growth potential53%
Portfolio diversification48%
Blockchain interest42%
Inflation hedge35%
Fun / hobby34%
Plan to Increase (next 20 yrs)
Cryptocurrencies65%
Event contracts53%
ETFs51%
Alternatives47%
Stocks42%
Bonds38%
Stock Types & Sectors Motley Fool · July 2025
n=2,000 investors via Pollfish · July 17, 2025 · % who own each stock type or sector
Stock Types Owned
Gen Z
Millennials
Investment Sectors
Gen Z
Millennials
Full Stock Type Breakdown
| Stock Type | Gen Z | Millennials | Gen X | Boomers | Gen Z Lead |
|---|---|---|---|---|---|
| U.S. Stocks (broad) | 42% | 54% | 56% | 56% | –12pp |
| Growth Stocks | 45% | 48% | 45% | 43% | –3pp |
| Value Stocks | 39% | 39% | 29% | 16% | 0pp |
| Dividend Stocks | 28% | 35% | 43% | 47% | –7pp |
| Small / Mid-Cap | 31% | 39% | 45% | 43% | –8pp |
| Large-Cap | 26% | 32% | 38% | 38% | –6pp |
| REITs | 23% | 23% | 15% | 9% | 0pp |
| Speculative / Meme | 13% | 14% | 9% | 4% | –1pp |
| ESG / Socially Responsible | 15% | 13% | 6% | 4% | +2pp |
| Recent IPO Stocks | 6% | 3% | 3% | 1% | +3pp |
Trading Behavior & Goals
Trading frequency, risk appetite, FOMO indicators, dividend behavior and investment goals
Trading Frequency · Motley Fool 2025
Gen Z
Millennials
Risk & FOMO Indicators · FINRA 2023
Gen Z
Millennials
Primary Investment Goals · Motley Fool 2025
Gen Z
Millennials
Dividend Income Usage · Motley Fool 2025
Gen Z
Millennials
Why Gen Z Started Investing · FINRA 2023
Ability to start with small amounts67%
Curiosity / own interest65%
Obtained money to invest57%
Parent / family influence54%
Ease of opening account53%
Fear of missing out (FOMO)41%
The "side hustle" finding: 64% of Gen Z describe dividends as a side hustle. Gen Z takes dividends as everyday cash (26%) or fun money (18%) far more than Millennials. Only 23% of Gen Z reinvests automatically vs 38% of Millennials — perfectly mirroring the goal data where Gen Z optimizes for income now.
Information Sources Motley Fool 2025 + FINRA 2023 + Schwab 2025
Where each generation goes for investing information and how much they trust each source
Source Usage — Motley Fool 2025
Gen Z
Millennials
Social Media for Financial Info — Schwab 2025
Cross-Source Comparison
| Source | Gen Z (MF 2025) | Millennials (MF 2025) | Gen Z (FINRA 2023) | Schwab 2025 (Gen Z) |
|---|---|---|---|---|
| YouTube | 67% | 56% | 60% | — |
| TikTok | 48% | 26% | 37% | — |
| Friends / Family | 40% | 42% | 45% | — |
| Social Media (all) | — | — | 48% | 72% |
| 27% | 28% | 34% | — | |
| Financial Advisor | 25% | 28% | 30% | — |
| Free Website / Search | 26% | 37% | 47% | — |
Trust vs. Usage gap: Despite heavy social media use, both FINRA 2023 and Schwab 2025 find that parents/family and financial professionals are the most trusted sources — even though they're not the most used. Gen Z uses YouTube and TikTok to discover, but still turns to family to validate.
Master Comparison Table All Sources · No Estimates
Every data point extracted directly from primary source documents · Real figures only
| Metric | Gen Z | Millennials | Gen Z Lead | Source |
|---|