eToro, the online social investment platform with over 27 million registered users, today announced that a survey of US adults conducted by the firm reveals that more than 80% of people turn to social media for education and tips about investing. This finding is in line with a growing trend of younger investors doing their own research when beginning their investment portfolios. Additional responses included that over 83% of people feel more comfortable investing with the help of expert advice, that over 60% feel more creative when in a group setting, and over half feel they learn better when being helped by others.
eToro CEO and Co-founder, Yoni Assia said: "We are witnessing tectonic shifts in asset ownership and a convergence of finance and culture driven by the twin forces of technology and community. Millennials and Gen Z are on the threshold of becoming the new investor class, and eToro was designed to answer the needs of this generation of investors and collectors." Emerging Investors Turn to Social MediaNearly 40% of people surveyed stated they were “not that confident” or “not at all confident” investing on their own. 66% of people agreed that access to a social investing community would at least somewhat increase their confidence when investing. Half of respondents use online resources when seeking education in investing. At 63%, YouTube was the most popular among those who use social media to seek investment information, followed by Facebook (NASDAQ:FB) at 44% and Twitter (NYSE:TWTR) at 34%.
US CEO of eToro Lule Demmissie said: "These results confirm what eToro knows to be true: that the next generation of retail investor demands an experience rooted in community, with universal access to educational tools and expert analysis,". "eToro pioneered the social investing platform, and we expect to see this style of investing flourish as millennials and gen z continue to enter the market." The Next Generation of Investor is HereThe results of this and past consumer surveys conducted by eToro tell the story of a new generation of investors, who seek out community and are turning to social media to find information on investing. eToro’s social investment platform combines the community aspects of social media with the convenience of an online and mobile investing tool. The platform creates access to investing by providing expert financial analysis, educational materials, and the ability to copy the portfolios of successful traders. The platform also offers a virtual portfolio through which users can “trade” $100,000 in virtual currency to get firsthand investment practice with zero risk. Additionally, investors who perform well on the platform can become part of eToro’s popular investor program, which offers additional benefits.
Previously, eToro released findings from a survey which examined US consumers behavior related to cryptocurrency and dating, where 74% of respondents said they would go on a second date with a person who paid the bill with Bitcoin. Future releases will examine topics such as women in investing and the behavioral psychology involved in investing.