More than half of young investors have regrets from the last year
Photograph by Prasit | Moment | Getty Images
Many Gen Zers, Millennials and others who invested in stocks over the last 12 months wish that they’d done it differently.
According to a survey, 57% of Gen Z investors, and 50% of millennials regretted how they spent their money in the past 12 months. This is higher than their Gen X or baby boomer counterparts. recent study from MagnifyMoney. This online survey was taken from February 15 to 21, and included 1,295 U.S. customers.
Younger investors regret most not having invested more money. 23% of Gen Zers and 23% of millennials said they wish they had saved more. Others regretted specific investment decisions such as the sale or purchase of certain assets.
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This could result from different goals. This could be due to different goals. Young investors are more inclined to declare that they want to make a fortune, while those in their 50s and older say they only have one goal: to retire comfortably.
MagnifyMoney executive editor Ismat Mangla stated that if they think they can get rich investing they will regret it.
Different investment styles can be rewarded with different goals
The survey revealed that younger investors tend to be more aggressive because of their different goals. Mangla stated that some people may be able to do this because they have more time to save money or recoup losses. However, they might end up regretting making certain riskier decisions.
The study revealed that Gen Z investors regretted the most putting too much cash in cryptocurrency.
On the other hand, people closer to retirement have a different approach to investing. These investors are looking to preserve their investments during volatility in the market to make sure they will have enough income and save for retirement.
This is also reflected in popular assets by age – older investors are more likely than their youthful counterparts to have mutual funds and annuities, while younger investors are more likely to invest in cryptocurrencies.
Avoid regretful investing by starting early and creating a plan to help your money grow.
Shelly Ann Eweka, senior vice president of financial planning strategy for TIAA said that it is important to begin as soon possible. You’ll see greater returns from compounding. This refers to the interest you earn on your money.
Eweka warns that some people might put off investing in order to prioritise other goals.