People who started investing over the past three years via a mobile app are different from the generations before them, according to a report.
For starters, they’re more likely to believe they’re part of a broader social movement that’s more inclusive and accessible, according to Public.com. The investing social network recently surveyed 1,004 U.S. adults who are investors.
More than half, or 59%, of the respondents believe app-based investors differ from traditional investors in their investing culture.
Around 14% of the respondents said they took up investing because they want to “take down old Wall Street.” Unsurprisingly, given the GameStop trading frenzy this winter, 39% of the respondents said they have bought at least one so-called meme stock or stocks experiencing heavy trading volume because of hype on social media rather than fundamentals.
And, given Reddit’s role during the GameStop controversy, it’s also likely no surprise that 27% of the respondents use the social media platform for news on the market — compared to 18% who turn to CNBC, according to the survey.
Nonetheless, 81% of respondents who purchased a meme stock then diversified their portfolios, according to the survey.
New investors are also often trailblazers. The majority of the respondents are first-generation investors: 56% said their parents didn’t own stocks and 60% said their parents weren’t financially secure, Public.com writes.
But new investors also invest based on their personal allegiances: 41% say their investment choices are a better indicator of who they are than their internet search history — and 3% would tattoo their favorite ticker on themselves, according to the survey.
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