US lawmakers demand SEC-FINRA records on Prometheum ETH custody
Prometheums willingness to play along with the SECs ambitions for crypto regulation has stirred disapproval in many quarters.
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Prometheums willingness to play along with the SECs ambitions for crypto regulation has stirred disapproval in many quarters.
Canada has the highest percentage of Gen Z investors, a new study by the Financial Industry Regulatory Authority (FINRA), a US private brokerage industry regulator, has found. The watchdog said nearly three-quarters or 74% of Gen-Zers based in Canada and covered by the study had at least one form of investment.
The new study was conducted by FINRA Education, the regulator’s education arm, in partnership with the CFA Institute, a global association of investment professionals. The research findings are based on a November/December 2022 online survey of 2,872 Gen Zers from the US, Canada, the UK and China.
The Gen Z investors surveyed were aged 18 – 25 at the time of the study. In addition, the research examined millennials aged 26 – 41 and Gen X investors aged 42 – 57 across all the regions.
Comparing its results from these jurisdictions, FINRA noted that the United States trails behind Canda with 56% of surveyed Gen Z investors in the former country saying they owned at least one form of investment. The United Kingdom and China come after with 49% and 57%, respectively.
More than Half of US Gen Zers Pile into Crypto
Meanwhile, the study also found that ‘a surprisingly large percentage’ or 56% of zoomers in the United States own at least some investments, with cryptocurrency as their top choice. In detail, the research noted that young investors in the country primarily invest in cryptocurrency (55%) and individual stocks (41%).
“[Gen Z investors in the United States] are less likely than their older counterparts to use mutual funds and are more likely, along with millennials, to invest in crypto and non-fungible tokens compared with Gen Xers,” FINRA noted.
Furthermore, the FINRA-CFA Institute project found that social media (48%), internet searches (47%) and parents/family (45%) are just about equally important as primary sources of learning about investment and finances for US Gen Zers. However, when it comes to online resources, however, YouTube dominates (60%) followed by internet searches, Instagram, TikTok, Twitter, Reddit and Facebook.
In addition, FINRA said Gen Z investors in the United States are risk-takers with almost half (46%) “willing to take substantial or above-average financial risks.” Half of US respondents said they have previously made an investment as a result of the fear of missing out (FOMO).
Looking at barriers to investing among young people in the United States, the study found that lack of savings (65%) and lack of sufficient income or living paycheck-to-paycheck (64%) are the biggest discouraging factors for zommers who did not own any form of investment. Additionally, more than half of the young investors (56%) also cited lack of knowledge about investing as a major reason they do not have any investment.
Young Investors across the World
Meanwhile, British financial regulator also released a study on young investors on Wednesday, noting that only 20% of youths are capable of disregarding investment hype despite the fact that the number is significantly higher (33%) when it comes to dating hype. At the start of the year, Cyprus' finanicial watchdog also published a report on retail investor behaviour, noting that only 31% of retail investors reply on so-called ‘finfluencers’.
In a related development, Finance Magnates recently reported that regulators across the world are increasingly cracking down on ‘finfluencers’. However, questions remain about what regulatory approach should be taken towards them.
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This article was written by Solomon Oladipupo at www.financemagnates.com.
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