For today’s investors, the latest jackpot idea might be sandwiched between cat videos and political snark on social media.
Driving the news: About 60% of Gen Z and millennial investors have made an investment as a result of social media, according to a new survey out today from M1 Financial.
State of play: Those 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.
Reality check: 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.
The bottom line: Maybe it’s more surprising that 40% of Gen Z and millennial investors haven’t invested based on social media tips.