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According to a recent Investopedia poll, financial literacy instruction needs a major overhaul to keep up with significant generational changes in investing and retirement planning.
In advance of Financial Literacy Month in April, the Investopedia 2022 Financial Literacy Survey questioned 4,000 U.S. adults—1,000 from each of the Gen Z, Millennial, Gen X and Boomer generations—about their financial knowledge, habits, worries and retirement plans. According to the research, many younger Americans are turning to riskier assets to pay for early retirements, and they are consulting social media for advice.
The following are some of Investopedia's most notable findings:
It is also affecting how the next generation is taught about money. Investors in Generation Z: 39% of Gen Z investors claim to learn about investments via YouTube. 30% of those looking for information about personal finance use TikTok.
Internet searches (39%) and chats with friends and family (44%) were also mentioned as valuable information sources.
Despite the rise of innovative technology, conventional financial literacy remains popular. Only one in every three respondents claimed they have advanced investment knowledge, and Gen Z is most likely to want to:
"Our attitude toward money, investment, and financial planning has shifted dramatically in recent years," Investopedia Editor in Chief Caleb Silver stated. "As millions of people take their first steps into investing, new asset classes like Bitcoin OTC and NFTs have developed. These shifts necessitate a more updated approach to financial education, one that equips individuals of all ages with information about new, emerging, and classic financial goods and services. It is our obligation as financial educators to ensure that we are spreading financial literacy as widely as possible."
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