Source: NewzEngine.com
Highlights
- Younger generations are most likely to invest in shares, while Gen X say they are just as likely to invest in crypto. Term deposits are the top choice for Baby Boomers.
- 52% of Kiwis think 2023 will be a better year for investing than 2022.
- 87% think it’s important to invest in a socially responsible way.
Auckland, New Zealand – There is a distinct difference in investment preferences across generations of Kiwis, shows a new report from Banked. The personal finance website surveyed 1,020 New Zealand adults about their inclinations and attitudes to investing.
When asked what type of investment they were most likely to invest in, the top choice for Gen Z and Millennial Kiwis was shares (26.8% and 24.2%, respectively).
Property was the second most common choice for Gen Z, with 19.3% of those aged 18 to 26 saying they were most likely to invest in that investment type.
Along with shares, Gen X say they are just as likely to invest in cryptocurrency (both selected by 21.3% of respondents).
Those of the Baby Boomer generation are much less interested in shares (13.3%) while more than a third (35.2%) say their top investment choice is a term deposit.
“Our report shows a fascinating difference in the investment interests of Kiwis across age groups,” says Kevin McHugh, Head of Publishing for Banked.
“The boom of micro-investing apps and the popularity of so-called ‘Reddit stocks’ has captured the imagination of younger generations and they’ve really embraced investing in shares and funds.
“But as we move up the age groups there’s a declining interest in shares and a much greater attraction to lower-risk term deposits,” says McHugh.
“We also see that while home ownership has become increasingly difficult in recent years, it hasn’t dented the aspirations of younger people to own property.”
See the full report: https://www.banked.co.nz/nz-investor-report-2023
Most Kiwis optimistic for 2023
Banked’s report also shows that a majority of New Zealanders believe this year will be more fruitful for investors.
Asked if they thought 2023 would be a better year for investing than 2022, more than half (52.2%) said yes. Only 17.1% said no, while 30.8% said they didn’t know.
“Twenty twenty-two was a turbulent year for investors, with most investment types losing value. But most Kiwis are feeling more positive about 2023 and some may turn to investing as a way to counter the impact of inflation,” says McHugh.
A nation of socially responsible investors
The new report reveals the importance of environmental, social and governance (ESG) investing to New Zealanders.
A huge 87.1% of respondents say it’s important to invest socially responsibly, and only 12.9% disagree.
Gen Z feel the most strongly about the topic, with 90% saying it’s important. But the belief was uniform across all ages, with no age group dropping below 82%.
For those that say they didn’t think socially responsible investing was important, a desire just to get the best return possible is the main reason for most (42.4%), while 32.6% say they thought it made no difference.
ENDS
About Banked
Banked is a financial information and deals website that has the goal of helping New Zealanders make the best decisions on the products they need.
– Published by MIL OSI in partnership with NewzEngine.com
