Gen Z and Millennial Investors: Ranking the Most Used, Trusted Investing Tools

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The investing apps Gen Z uses

The most commonly used investing app among Gen Z respondents is Cash App, with 50% saying they use it once a month or more, according to The Motley Fool's Generational Investing Tools survey.
11% of Gen Z respondents use Acorns, a robo advisor. Acorns is more popular with Gen Z and millennials than with Gen X and baby boomers.
Gen Z respondents were less likely to use Charles Schwab (SCHW -1.61%) (5%) and Fidelity (FNF -1.72%) (4%) investing apps compared to older generations.
Gen Z respondents were less likely than millennials and Gen X respondents to use Coinbase (COIN -2.66%) (10% compared to 17% and 11%, respectively). Surveys from the FINRA Foundation and CFA Institute and Charles Schwab have found that millennials are most likely to be invested in crypto, followed by Gen Z and then Gen X, with a small gap between the younger generations and a larger gap between the older ones.

The investing apps millennials use

The most commonly used investing app among millennial respondents is Cash App, with 54% saying they use it once a month or more.
Coinbase is the second most-used investing app among millennials (17%). That's the highest usage rate among any generation. It suggests that millennials are still relatively interested in crypto despite its rough performance over the past two years. A May 2023 survey from the FINRA Foundation and CFA Institute found that 57% of millennials are invested in crypto compared to 55% of Gen Z and 39% of Gen X.
Acorns is used by 15% of millennial respondents, the highest usage rate among any generation.
Millennial respondents reported using multiple investing apps more than other generations. Just 17% of millennials respondents said they don't use an investing app, the lowest of any generation.
Millennials are more likely than any other generation to use Robinhood (HOOD -3.25%) (15%), Fidelity (15%), JPMorgan (JPM -1.72%) (14%), SoFi (SOFI -4.48%) (14%), Ally (ALLY -0.03%) (13%), E*TRADE (NASDAQ:ETFC) (11%), Vanguard (NASDAQ:VTI) (10%), Stash (10%), Betterment (9%), and Aspiration (8%).

The investing apps Gen X uses

The most commonly used investing app among Gen X respondents is Cash App, with 37% saying they use it once a month or more.
Fidelity is the second most-used investing app among Gen X (12%), followed by Coinbase (11%). This is a reflection of Gen X's investing strategy. A survey from the FINRA Foundation and CFA institute found that Gen X is less likely than Gen Z or millennials to invest in crypto and more likely to invest in individual stocks and mutual funds than those younger generations.
31% of Gen X respondents said they don't use an investing app.

The investing apps baby boomers use

55% of baby boomer respondents said they don't use an investing app.
The most commonly used investing app among baby boomer respondents is Cash App, with 15% saying they use it once a month or more.
Fidelity and Charles Schwab are each used by 10% of baby boomer respondents. No other investing app was used by more than 6% of baby boomers.

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About the Author

Jack Caporal is the Research Director for The Motley Fool and Motley Fool Money. Jack leads efforts to identify and analyze trends shaping investing and personal financial decisions across the United States. His research has appeared in thousands of media outlets including Harvard Business Review, The New York Times, Bloomberg, and CNBC, and has been cited in congressional testimony. He previously covered business and economic trends as a reporter and policy analyst in Washington, D.C. He serves as Chair of the Trade Policy Committee at the World Trade Center in Denver, Colorado. He holds a B.A. degree in International Relations with a concentration in International Economics from Michigan State University.

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Charles Schwab is an advertising partner of Motley Fool Money. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. JPMorgan Chase is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. Jack Caporal has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Coinbase Global, and JPMorgan Chase. The Motley Fool recommends Charles Schwab and recommends the following options: short December 2023 $52.50 puts on Charles Schwab. The Motley Fool has a disclosure policy.

Gen Z and Millennial Investors: Ranking the Most Used, Trusted Investing Tools

What tools and sources of information do Gen Z and millennial investors use regularly?

Key Points

The investing apps Gen Z uses

The investing apps millennials use

The investing apps Gen X uses

The investing apps baby boomers use

About the Author

Stocks Mentioned

Premium Investing Services

Key findings

The most-used investing apps by generation

User interface is the most important investing app factor for younger generations; baby boomers value low fees and bank integration more

Where Gen Z gets investing information

Where millennials get investing information

Where Gen X gets investing information

Where baby boomers get investing information

The most- and least-trusted sources of investing advice

Gen Z split with older generations on how to judge sources of investing advice

How generational divides define investing behavior

Sources

Methodology

YouTube is the most common source of investing information for Gen Z and millennials

The investing apps Gen Z uses

The investing apps millennials use

The investing apps Gen X uses

The investing apps baby boomers use