Background, Methodology & Objectives 

Introducing the First Survey: The “Zillennials” Investing Report 

Each year I see a study suggesting Millennials and Gen Zers are significantly worse off (financially) than their Boomer parents. But, how bad are things really? A new report found that 70% of Millennials (23-38) live paycheck to paycheck. A Washington Post op-ed suggests Millennials are the unluckiest generation in U.S. history that will bear “economic scars the rest of their lives.” (Let’s unpack how dramatic this is at a later date.) Of course, though dramatic, these claims are not entirely untrue, they vary by demographic - income level, race, education level, etc. Reasons for this are complex including stagnant wages, looming student debt, increasing housing costs - oh and the COVID-19 pandemic. 


On the other hand, it seems like there are an endless amount of ways young people can earn, spend, and invest their money. Robo and app based investing means young people can invest in everything without historical barriers to entry like investing minimums. We might know of the “success” stories of individuals that seemingly make millions overnight. Stories like the Dogecoin (no longer) millionaire who made (and lost) over a million dollars on investing in the meme token Dogecoin. However, these are not the norm.

But what about everyone else... 

I set off to survey the next income generation on just that. To understand how they are utilizing what they do have control over: their disposable income. This report will focus on the investing habits of young people in America. It is the first part of a larger series on “Zillennial Disposable Income Habits.” Though informative, these insights should not be seen as financial advice. Insights, statistics, and opinions provided should be seen as just that.

The objective for this report: understand the financial habits of young people, namely Zillennials and College Educated Workforce New Entrants (WNEs), in the US as they enter and navigate the workforce. 

I know what you are thinking: “What the hell is a Zillennial or a Workforce New Entrant (WNE)?” 

  1. Zillennials are individuals that sit at the nexus of Millennials and Generation Z, they are roughly 22-30 years old. These individuals may choose to identify with either generation when it suits them. They may feel too young to resonate with some Millennial activities like buying a house, but too old when scrolling through their TikTok “for you” page. 

  2. Workforce New Entrants (WNEs) can refer to anyone who has recently entered the workforce in a full-time capacity. For the purposes of our research, we honed in on a specific subset of WNEs that are college-educated, having earned at least an undergraduate degree or equivalent experience.

These individuals have reached a critical inflection point in their lives where they have left the structured comforts of college and are forced to (potentially for the first time ever) determine how they want to spend their time and money. The milestone also marks an entry into the workforce which enables these individuals to indicate their values and beliefs through spending behaviors. It is a time where some take risks like foregoing income to continue school or starting a business, while their risk averse counterparts may enter more stable jobs in finance and consulting. An individual’s viewpoint on risk could also inform their investment strategy. Individuals who have a higher risk tolerance might be more likely to invest in more volatile, new assets like NFTs and crypto instead of traditional asset classes like the mutual funds and ETFs. 

With this newfound financial independence, I want to understand how college-educated Zillennials manage their money— starting with investing. Is our age group actually crypto-obsessed? Are most people truly financially independent? How do people determine what to invest in? Are they getting help? And from who? 

Our questions will help us understand and quantify what this group is doing with their newfound independence and potential disposable income.

Who are our subjects? 

We surveyed college educated 22-30 year-olds in the United States. We utilized GroupMes, Discord channels, Slack channels, and group chats of Zillennials to reach a diverse audience across the U.S. Our participants identified as female, male, and non-binary, and come from all regions within the United States. They work in several industries including consulting, financial services, and cannabis. Others were influencers, nannies – or both. 

Our insights reflect how investment habits are informed by respondents’ respective identities  - race, age, gender, education level, and more.