Desk Research

Bankrate has compiled a list of the 11 best investment apps for January 2023, including Invstr for a fantasy stock game, Acorns for saving, Wealthbase for trading games and contests, Wealthfront for portfolio management, Fidelity Investments for managing money all-in-one, Robinhood for active trading, Charles Schwab for beginners, Ellevest for socially responsible investing, Public for learning about companies, and Fundrise for direct investment in real estate. Consider how you plan to use the app, fees, and what assets you can trade when choosing an investment app.

Designing for Generation Z requires a nuanced approach that incorporates authenticity, nostalgia, hyper-visuality, inclusivity, fluidity, activism, and gothcore. Gen Z responds to campaigns that are personal and genuine, and they have a sixth sense for inauthenticity. Designers should keep in mind that this generation is exposed to an onslaught of imagery online each day, and they are extremely visually aware as a result. Additionally, Gen Z is the generation that will create and inhabit the Metaverse, so designers should consider incorporating avatar-like characters or cartoon-like imagery. Finally, campaigns need to feel attuned to issues surrounding equality, gender fluidity, racism, and feminism.

Millennials and Gen Z may not be able to retire comfortably if they rely solely on employer-based savings plans, according to a TIAA study. Experts recommend diversifying investments with IRAs, index funds, and annuities. Policymakers and employers should also increase access to retirement savings plans and educate workers about income options like annuities.

A recent Bankrate survey found that 31% of Gen Z workers have saved nothing for retirement in the past two years, which is higher than the overall average for American workers. The survey also revealed that 55% of American workers feel behind on their retirement savings, and the proportion only rises as they age. Starting early is key, as even waiting a decade can cost hundreds of thousands of dollars in retirement savings. The top reasons Gen Z cited for not investing include inflation, new expenses, and stagnant or reduced income.

Acorns is a platform that helps millennials invest by rounding up purchases and investing the difference. Their growth has been driven by a clear mission to help millennials overcome the challenges of investing, and an intentional growth process that balances and organizes teams, processes, and brand. Their success is attributed to a strong sense of mission across the organization and a true kinship with its user base, which has led to passion and alignment for the company's success.

This blog post discusses how to design for Generation Z, a generation of digital natives with a spending power of over 100 billion dollars. Key takeaways include understanding the psychology of Gen Z, using unexpected combinations, being flexible and fluid, communicating in a filtered and honest way, and keeping up with their fast pace. The post emphasizes the need for deep thinking and insight to engage this savvy generation.

Picsart has released a report on the visual trends shaping Gen Z's preferences, including modern nostalgia, the Metaverse, teal and blue colors, inclusivity, organic digital, and Gothic fonts. The report notes that Gen Z responds to bright, vibrant, and in-your-face colors and is leading the charge for representation and inclusivity in media. The report also predicts that Gothic fonts will be popular in 2022.1

A survey of Gen Z and millennial investors found that 37% use Robinhood, more than any other app or service, and that 91% of Gen Z investors got investing information from social media in the last month. Traditional investing websites and SEC filings were found to be the most trustworthy sources of investing information, while social media platforms were viewed with more skepticism. Proof of historical performance was the most important factor for determining the reputability of a social media source, followed by recommendations matching their investing strategy, high-quality posts, and follower count.

Gen Z is aware of the metaverse, but not all are interested in it as a shopping experience. Many are already familiar with virtual worlds through gaming communities like Minecraft and Roblox, and have spent money on virtual items within those games. However, only a small percentage have bought NFTs, and many are not aware of them. Brands hoping to engage with Gen Z in the metaverse may need to meet them where they already are, rather than trying to create a new virtual world.

Vanguard, the world's largest provider of mutual funds and second-largest provider of ETFs, partnered with fintech startup Acorns to help educate younger generations about investing. Acorns is a smartphone app that allows users to invest small amounts of money and track their investments. Vanguard's involvement helps remove elitism from the world of stocks and shares and opens it up to the investors of the future.

According to Fidelity Investments’ 2022 State of Retirement Planning report, half of Gen Zers don’t see a point in saving money until things return to “normal,” and 56% put their retirement planning on hold during the pandemic. Instead, many young people are investing in themselves, seeking control amid economic uncertainty by focusing on professional growth and experiences that give a high return on investment.

BlackRock has invested in micro-investing site Acorns to encourage millennial and Gen Z investing. The personal finance app allows customers to automatically invest spare change from everyday purchases in exchange-traded funds from BlackRock and Vanguard. BlackRock is aiming to build out a digital wealth company of the future, and this move reinforces that strategy. Micro-investing apps increase investment exposure, education, and awareness among younger generations, and BlackRock is hoping to get closer to the consumer directly through an app.

Gen Z is rewriting the rules for personal finance by using social media to learn about investing and building wealth. Authenticity is key for this generation, who see themselves in young and diverse influencers breaking down complicated financial terms in T-shirts from their homes. Investing means socializing, and apps like Robinhood and Webull have exploded in popularity with young people, giving them the option to trade stocks, funds, and even cryptocurrencies at lightning speeds with no fees. However, experts warn of the risks associated with different kinds of investments and the need for a diversified portfolio.

This design guide by Open Influence Inc. provides insights on how to understand and design for Gen Z. Gen-Zers are digital natives who are ethnically diverse, self-reliant, and open to gender identities. The guide suggests using bold colors, legible typefaces, and real, personal, and informative content that is instantly shareable. The guide also provides mood boards for female, male, and non-binary Gen-Zers.

Designing for Generation Z requires understanding their psychology, making messages feel personal, embracing bright colors, involving them in the design process, avoiding babyish designs, embracing fluidity and inclusivity, and creating shareable, scalable, and snackable content that captures their attention in eight seconds or less.

Acorns provides investing advice for millennials, including the importance of having an emergency fund, contributing to a 401(k) match, starting to invest early, and diversifying investments with a mix of stocks and bonds. They also recommend investing in retirement accounts and using low-cost exchange-traded funds (ETFs). Additionally, they suggest building up an emergency fund before investing and considering debt and interest rates when deciding whether to invest or pay off debt. Finally, they encourage investing regularly and taking advantage of market dips to buy investments at a discount.