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☆ Gen Z Is the Most Unsatisfied With Work; for Them, a Job Is Just a Job
▼ + stars: | 2024-02-13 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +11 min

And it could explain why Gen Z workers are so much more unsatisfied with their jobs than their older colleagues. Age plays a role in explaining the gap, but Gen Z is also entering the workforce at a unique time. In EY's 2023 Gen Z survey, more than 50% of Gen Zers said they were "extremely worried about not having enough money." For much of Gen Z, a job is just a job. In a Deloitte study from March, only 61% of Gen Z participants said their work was important to their identity.

Persons: Kimi Kaneshina isn't, Wyatt Co, Xers, Zers, millennials, Gen Zers, Aki Ito, That's, Kaneshina, Julia Kensbock, Kensbock, haven't, Kensbrock, —, Gen Z, Corey Seemiller, Seemiller, Felizitas, Z Organizations: Pew Research, Research, Business, University of Bremen, Bain, Co, Workers, Employers, Labs, CFA, LaSalle Network, Wright State University, YouTube, LinkedIn, Deloitte Locations: Southern California, Germany, TikTok, Felizitas Lichtenberg

☆ Gen Z is turning to influencers for financial advice. A new report dives into 4 main reasons creators are impacting investment decisions.
▼ + stars: | 2024-02-05 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +5 min

Financial influencers are also benefiting from the rising consumer demand for longer-form online content . Distrust in traditional financial institutions is driving Gen Z to more 'relatable' advisorsMost participants reported being skeptical of traditional banks and personal finance advisors. Preece said the rebound of long-form content suits the needs of financial influencers because they can take 10 minutes to explain a concept instead of 30 seconds. "There's more time for an audience to really digest the information and reflect on it, because most financial topics are complex," he said. Gen Zers also said they loved that the financial tips on YouTube, TikTok, and Instagram were free.

Persons: —, Gen Zers, Rhodri Preece, Zers, there's, Preece, Reece Organizations: Service, CFA Institute's Research, Policy, CFA Institute, YouTube, Business Locations: France, Germany, Netherlands

☆ From loud budgeting to girl math, here’s what you should know before taking financial advice from TikTok
▼ + stars: | 2024-01-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Between girl math, loud budgeting and cash stuffing, the trendiest financial advice is increasingly born on TikTok. That's helped financial TikTok, also known as FinTok, take off. Now it's one of the most popular sources for financial information, tips and advice, particularly among Generation Z. The hashtag #FinTok, representing just the financial TikTok community, has more than 4.7 billion views on the platform. Finfluencers appeal to Gen Z investors because they produce educational and engaging content that is instantly accessible and, even better, free, the report found.

Persons: That's, Gen Z, Gen Zers, Young, Zers, Gen, Finfluencers, Rhodri Preece Organizations: Finance, YouTube, CFA Institute Locations: TikTok

☆ Bitcoin ETFs could open floodgates to $30 trillion wealth management market
▼ + stars: | 2024-01-13 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

SEC Chair Gary Gensler continues to issue stern warnings when it comes to crypto investments, but that's not holding back activity. For the $30 trillion advised wealth management industry, the floodgates could be about to open. "For the vast majority of people, a low-cost bitcoin ETF is going to be the easiest way to do that," Hougan said. According to data from Robinhood , 81% of bitcoin ETF trading volume in the first week was in individual accounts, with the rest in retirement accounts. In a report on its website in October, Galaxy Digital said the "strongest marginal improvement" occurred when portfolios moved from a 0% to 1% bitcoin allocation.

Persons: Gary Gensler, that's, Jan van Eck, Anthony Pompliano, Pompliano, Matt Hougan, wirehouses, they've, Hougan, WisdomTree, bitcoin, Matt Walsh, Walsh Organizations: Securities and Exchange Commission, SEC, Investments, Chartered, Fund, Management, VettaFi, CFA, Investor Trust, Galaxy Digital, Fidelity, Island Ventures, Fidelity Investments Locations: U.S, Robinhood

☆ The S&P 500 could close at record on final trading day - that is a very rare market event
▼ + stars: | 2023-12-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

What little suspense is left in the year revolves around whether the S & P 500 can close at a historic high. Closing the year at a historic high is a fairly rare event — it's only happened eight times since 1926, and only four times since 1963, according to S & P Global: 2020, 2013, 1999, 1991, 1963, 1958, 1954, 1928. So far, the S & P is up 0.9% in these first four of the seven days. The S & P internals are almost the opposite of where they were a year ago. S & P 500: overbought and expensive: Relative Strength Indicator (RSI): 72 (overbought) % stocks over 50-day- moving average: 89% (high, overbought) Forward earnings P/E: 19.6 (expensive) Earnings growth: 11% (high) Markets are positioned very bullish.

Persons: Santa Claus, Ingersoll Rand, Parker, Eaton, General Mills, Hendrik Bessembinder, It's Organizations: Mastercard, Capital, American Express, Union Pacific, General, Nike, FedEx, Global, CFA, U.S Locations: Santa, Eaton, Hannifin, Wayfair, United States

☆ Gen Z is the most financially savvy generation
▼ + stars: | 2023-11-06 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +12 min

AdvertisementAdvertisementIn a May survey from the CFA Institute, a global trade association for investment advisors, more than half of Gen Z respondents said they were already investing, and 82% of American Gen Z investors said they began investing before they turned 21. And while there are plenty of pitfalls and missteps that could plague young people along the way, Gen Z is shaping up to be the most financially savvy generation yet. The estimated $60 billion wipeout caused many Gen Z investors to lose big. AdvertisementAdvertisementWhile Gen Z may not always be drawn to the safest investment choices, it's certainly getting some hands-on learning. In many respects, Gen Z is coming of age at a good time, graduating into a booming job market with strong wage growth.

Persons: Gen, Gen Zers, Gen Xers, Zers, It's, —, they'd, stashing, Gen Z, Erin Lowry, Z, there's Venmo, Lowry, Charlie Pastor, finfluencers, Pastor, Taylor Price, Price, it's, I'm, Eve Upton, Clark Organizations: CFA Institute, Federal Reserve's Survey, Consumer Finances, Transamerica Center, Retirement Studies, PayPal, YouTube, CFA, IRA, Interactive, UK Royal Mint, Barclays Smart Investor Locations: Canada, Chipotle, BlackRock

☆ Gen Z doesn't want financial advice from banks or celebrities. They're going to mom and dad instead.
▼ + stars: | 2023-11-06 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

They beat out banks, friends, and celebrities as the most frequent source of financial advice. Another survey found that over 6 in 10 Gen Z said they were still financially dependent on their parents. AdvertisementAdvertisementYounger people in need of financial advice are not turning to banks or successful entrepreneurs — they're going to mom and dad instead. To be sure, family isn't the only source of financial information for Gen Z. AdvertisementAdvertisementThat made it the most frequent source among the 948 US Gen Z respondents surveyed, slightly edging out web searches and family.

Persons: Gen Z, —, Insider's, Bill Gates, Experian, Z Organizations: Service, Morning, Microsoft, Experian, CFA Institute, Financial Industry, Authority Investor Education Foundation

☆ Wall Street can breathe easy. ChatGPT isn't smart enough to be a financial analyst yet.
▼ + stars: | 2023-11-02 | by ( Aruni Soni | ) www.businessinsider.com time to read: +4 min

ChatGPT wouldn't be able to pass all levels of the exam required to get become a CFA. GPT-4 did better than ChatGPT and could pass the first two levels of the exam with enough prompting. According to a study, ChatGPT couldn't pass the chartered financial analyst exam—a benchmark qualification for many finance professionals across Wall Street. According to the CFA institute, only 38% of test-takers who took the level one exam in February 2023 passed. "GPT-4 would have a decent chance of passing the CFA Level I and Level II if prompted with [few shot] and/or [chain of thought scenarios]," the researchers wrote.

Persons: wouldn't, ChatGPT, —, couldn't, OpenAI —, it's Organizations: CFA, JPMorgan, Service, Wall

☆ The Netherlands named the best place to retire — here's how other countries compare
▼ + stars: | 2023-10-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Retirement income systems vary in different countries, and the U.S. does not come out on top. The additional concerns make one thing even more important: retirement income systems. They have some of the strongest retirement systems, according to the Mercer CFA Institute Global Pension Index for 2023, which was published Tuesday. A total of 47 different retirement systems were assessed in the report. Retirement systems in the latter have "major weaknesses," the report said.

Organizations: Mercer CFA, Global, U.S Locations: U.S, Netherlands, Iceland, Denmark, Israel, Kazakhstan, Colombia, France, Spain, Canada , New Zealand, Germany, Mexico, Indonesia, South Africa, Thailand, Turkey, India, Philippines, Argentina

☆ These countries have the most generous retirement plans in the world
▼ + stars: | 2023-10-18 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Portugal ranked at the top for the most financially adequate retirement system according to a new study. The US, however, ranked 24th in adequacy among the 47 countries studied for its retirement system. AdvertisementAdvertisementPortugal, the Netherlands, and Iceland ranked at the top for the most financially adequate retirement systems — while the US ranked 24th. AdvertisementAdvertisementMany Americans have been skeptical of the US's retirement system, funded primarily through savings in 401(k)s and individual retirement accounts, as well as Social Security. Portugal, which ranked at the top of Mercer's list, also ranked second for comfortable retirement on U.S. News & World Report's Best Countries ranking.

Persons: — Organizations: Service, US, Mercer CFA, Global, Security, U.S . News Locations: Portugal, Netherlands, Iceland, Denmark

☆ AI should cut pensions costs, highlight risks - report
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Artificial Intelligence words are seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Oct 17 (Reuters) - Artificial intelligence should improve pensions performance by cutting costs and highlighting upcoming risks, the Mercer CFA Institute's global pensions report said on Tuesday, with the Netherlands in top spot in this year's index. Additional uses for AI could include building customised portfolios and identifying market anomalies, although AI was unlikely to be able to predict market movements with accuracy so uncertainty will remain, the report said. Iceland came second and Denmark third in the 2023 index. Reporting by Carolyn Cohn; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, David Knox, Mercer, Carolyn Cohn, Alexander Smith Organizations: REUTERS, Mercer CFA, Mercer, CFA Institute, Monash Centre, Financial Studies, Denmark, Thomson Locations: Netherlands, Iceland

☆ UK finance professionals urged to sign diversity code
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The CFA Institute has 200,000 members globally, with about 12,000 in Britain. Signatories to the code will provide a confidential, annual progress report to the CFA Institute, which will report industry-wide figures once a critical mass of signatories is reached. It comes on top of initiatives such as the Women in Finance charter backed by the finance ministry, which are well established and supported, although progress has been uneven. "The regulator sets the mandatory baseline, we can look to aspirational goals," said Sarah Maynard, global senior head, external diversity, equity and inclusion, at the CFA Institute. Given the global nature of finance, the CFA is also looking at how the code can help join up different national initiatives.

Persons: Toby Melville, Sarah Maynard, Maynard, Huw Jones, Mark Potter Organizations: REUTERS, Companies CFA, CFA Institute, CFA, Women, Finance, Britain's, Authority, Bank of England, Thomson Locations: London, Britain, U.S, United States, Canada

☆ Millionaire hedge fund CEO says he mainly hires people with no background in finance and once hiked a worker's pay so he could call him at 1 a.m.
▼ + stars: | 2023-09-19 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

A hedge fund boss says he mainly hires people with no background in finance. Peter Brown also said he once offered a worker a pay rise in the early morning hours. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. During the podcast discussion, Brown also said he gave an employee a pay rise so he could call him in the early morning hours. AdvertisementAdvertisementRepresentatives for Brown did not immediately respond to Insider's request for comment, made outside normal working hours.

Persons: Peter Brown, Brown, Goldman Sachs, Zers, Jim, we're Organizations: Service, Renaissance Technologies, Goldman, CFA Institute Locations: Wall, Silicon

☆ Wall Street's hottest career move: the volatile, lucrative world of private credit
▼ + stars: | 2023-09-18 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

So it's no wonder that through the past couple of years, working on and around private credit deals has become Wall Street's career du jour. Private credit is most often floating-rate debt — that is, debt where interest rates rise in concert with rate hikes. 'Unheard of' salaries, while risks abound in the marketIt's worth noting what private credit is: we're talking about debt and loans. "For most of my career, attracting new attorneys to private credit was a challenge. Proskauer's private credit group now has 90 lawyers, 24 of whom are partners, working full-time on private credit.

Persons: that's, Marc Rowan, Marc Lipschultz, Goldman Sachs, Paul Heller, Hannah Robb, Robb, It's, Cliffwater, Heller, Caldwell, Banks, Carlyle, Blackstone, Marco Acerra, Spencer Stuart, it's, Acerra, Richard Fernand, Nicholas Kalogeropoulos, Sam Iles, I've, Mike Mezzacappa, Evan Palenschat, Robert Lewin Organizations: Blackstone, Partners, CFA Institute, Columbia Business School, Wall Street, Alpha FMC, Barclays, Goldman Locations: New York

☆ There are just six bitcoin billionaires in the world, new crypto super-rich report says
▼ + stars: | 2023-09-06 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

A new report shows how many crypto millionaires and billionaires exist. Hundreds of millions of people around the world have some form of crypto holdings, whether that is in bitcoin or one of the many other digital currencies. To be exact, 425 million people use crypto, according to Henley & Partners' Crypto Wealth Report, which was released by the investment migration consultancy on Tuesday. And 22 people have crypto holdings worth at least $1 billion. Six of them hold their investments in bitcoin — a far smaller proportion than among the crypto millionaires and centi-millionaires.

Persons: Crypto, Gen Organizations: Henley & Partners, CFA Institute, Financial Industry, Investor Education Foundation, Pew Research Locations: bitcoin

☆ Gen Z investors sway harder to the beat of rising inflation and higher interest rates than their older peers. But passive investing beats pro trading, says an analyst.
▼ + stars: | 2023-08-24 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Gen Z outpaces all other age groups in active stock trading, according to a Bankrate survey. However, a Bankrate analyst says they should become more passive investors. Gen Z investors aren't just bailing out of the market either. The same survey notes that Gen Z investors aren't just bailing out of the market. Over half, or 53%, of Gen Z investors said they expect to invest in stock-related investments in 2023, compared to just 19% of Gen X investors and 9% of baby boomer investors.

Persons: Z, Gen, Gen Z, James Royal, — Organizations: Service, CFA Institute, Financial Industry, Authority Investor Education Foundation Locations: Wall, Silicon, Canada

☆ Penny stocks can be riskier than any other stock. Here's why they're so dangerous.
▼ + stars: | 2023-08-21 | by ( Andrea Miller | In Dreajmiller | ) www.cnbc.com time to read: +4 min

"I'm getting a lot of calls from investors who are duped and getting scammed by-penny stock operators," Jacob Zamansky, attorney with his firm Zamansky LLC, told CNBC. Penny stocksAlthough there is nothing inherently wrong with low-priced stocks, they are considered speculative, high-risk investments because they experience higher volatility and lower liquidity. "He really was a character as Leonardo DiCaprio portrays him in the movie," Zamansky told CNBC. And he said, If I can sell steaks, I can sell stocks." Before Zamansky started representing investors who were abused by Wall Street firms, he was an attorney for Stratton Oakmont.

Persons: I'm, Jacob Zamansky, Andres Vinelli, Greg Ruppert, Jordan Belfort, Stratton Oakmont, Leonardo DiCaprio, Zamansky, he's, Belfort Organizations: CNBC, Financial Industry, Authority, CFA Institute, Wall Street, Innocent, SEC, Securities and Exchange Commission Locations: That's, Belfort

☆ Here's more evidence that it's really hard to make money picking stocks
▼ + stars: | 2023-08-18 | by ( Bob Pisani | ) www.cnbc.com time to read: +9 min

And only a handful of stocks have accounted for the bulk of wealth creation in the stock market in the last 30 years. The good news: U.S. companies are far and away the biggest drivers of stock wealth creation in the last 30 years. Stock market wealth is highly concentrated How can this be? Just five stocks accounted for 10% of global net stock market wealth creation over 31 years. The reason, as this paper demonstrates, is that stock returns are not normally distributed over time.

Persons: Hendrik Bessembinder, Johnson, Roche, Kwiechow, Tencent, Tesla, Nicholas Colas, Larry Swedroe, Swedroe, Colas Organizations: Global, CFA, Treasury, Microsoft, Apple, Walmart, Facebook, Samsung, Johnson, Taiwan Semiconductor, Nestle, U.S, DataTrek Research, Strategic, New York Stock Exchange Locations: United States, U.S, China

☆ Undergrad enrollment in petroleum engineering has dropped 75% over the past 10 years — even though they make 40% more than computer science grads
▼ + stars: | 2023-08-10 | by ( Gabriel Rivera | ) www.businessinsider.com time to read: +3 min

Undergraduate enrollment in petroleum engineering is down 75% since 2014, WSJ reported. That's despite the fact that the average petroleum engineering grad makes 40% more than a computer science grad. Heinze told the Journal of Petroleum Technology that over 90% of petroleum-engineering students at Texas Tech have jobs right after graduation. But when it came to picking which career paths were most attractive, the Gen Zers surveyed ranked finance as the most promising industry regarding career prospects. Education was ranked the second-most popular industry when it came to career prospects, and STEM, which includes engineering, was ranked fifth.

Persons: That's, Lloyd, Young, Heinze, Zers Organizations: Morning, Petroleum, Street Journal, Texas Tech University, University of Oklahoma's, Louisiana State University and Colorado School of Mines, Department of Education, US Bureau of Labor Statistics, Colorado School of Mines, Journal of Petroleum Technology, of Petroleum Technology, Texas Tech, CFA Institute, Education

☆ Limited support for central bank digital currencies in global investment industry survey
▼ + stars: | 2023-07-26 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

LONDON, July 26 (Reuters) - The most comprehensive survey of the global investment industry on central bank digital currencies to date has shown both limited support and a lack of understanding of how a digital dollar, euro, yen or pound would work. The survey carried out by the CFA Institute, a worldwide association for bankers, investors and finance chiefs, found that only 42% of the more than 4,150 respondents who took part believed that central bank digital currencies, or CBDCs, should be launched. Only 37% of respondents from developed markets said they favoured a CBDC versus 61% from emerging markets. Data privacy was also a major concern for 64% of respondents in developed markets and 57% in developing economies. Less than a quarter of respondents under 30 opposed them, the survey found, compared with 37% among those over 55.

Persons: Olivier Fines, Andrew Bailey, Marc Jones, Leslie Adler Organizations: CFA Institute, CFA, European Union, People's Bank of, Bank of England, CBDCs, Thomson Locations: Bahamas, Nigeria, United States, Canada, United Kingdom, China, People's Bank of China, India, Central

☆ Gen Z is seeing the appeal of finance jobs, as cost-of-living concerns rise, a new survey finds
▼ + stars: | 2023-07-03 | by ( Will Gendron | ) www.businessinsider.com time to read: +3 min

A new study reveals that Gen Z thinks finance is the best industry for future career prospects. 1 industry for career prospects — up from No. Part of the reason may be the money: Graduates' top career fear is low pay. More than half of the respondents to the CFA survey said they have reassessed their career options in light of cost-of-living increases. This could be one reason interest in finance surged, as respondents voted it the most stable industry.

Persons: Z, —, Gen Zers, Zers Organizations: Morning, CFA Institute, CFA Locations: millenials

☆ Finance is the No. 1 industry Gen Z wants to work in, says new research—more than tech or health care
▼ + stars: | 2023-06-28 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

Recent and soon-to-be college graduates have different visions of the "perfect job": Some want to work in New York, while others might aspire to be their own bosses. But many Gen Zers are dreaming of a career in finance. Close to 10,000 current college students and recent graduates in 13 countries including the U.S., Canada and Mexico were polled for the report. What has set finance apart from its competitors, and made it the career path du jour among Gen Z, is how finance companies have responded to these challenges. As other industries pause hiring, college career advisors and industry professionals say financial firms are upping their recruiting efforts on college campuses to attract Gen Z.

Persons: overhiring, Gen Organizations: Finance, CFA Institute Locations: New York, U.S, Canada, Mexico

☆ Your 401(k) plan may be worsening climate change, expert says
▼ + stars: | 2023-06-28 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Increasingly, employees are automatically enrolled in their 401(k) plan without weighing in on their investments. watch nowMeanwhile, some employers may be worried that their workers won't get high enough profits from ESG funds, Dyer said. A Trump administration-era rule discouraged retirement plan sponsors from offering ESG funds, experts say. How to examine your ESG 401(k) optionsIf you're in the small pool of employees who do have access to an ESG fund in your retirement plan, your research may end there. Employers have a fiduciary duty to administer retirement plans in the best interest of plan participants.

Persons: Dyer, Morgan Stanley, Trump, Joe Biden, Biden, Bradford Campbell, Campbell, Behar, Andrew Behar, Sow Organizations: CFA Institute, CFA, Department of Labor, House Republicans, Employers Locations: ESG, Texas, GreenFin

☆ Crypto is Gen Z’s most common investment. That may be risky, experts said
▼ + stars: | 2023-06-07 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

But while young people can afford to take more investment risk relative to older generations, using crypto as the linchpin of an investment portfolio is nonetheless a risky bet due to its volatility, experts said. Crypto zeal a concern if investors don't diversifyFifty-five percent of adult Gen Z investors currently invest in crypto, according to the joint Finra-CFA Institute report. Gen Z is a cohort born in the late 1990s and into the 21st century, meaning its oldest members are in their mid-20s. The joint Finra-CFA Institute report doesn't specify the average share of Gen Z investors' portfolios allocated to cryptocurrency. Gen Z investors in the U.S. view themselves as risk-takers.

Persons: Gen, Coinbase, Binance, Crypto, —, Gerri Walsh, Walsh, Ted Jenkin, cryptocurrency, They've, Jenkin, bitcoin, It's, There's, they've Organizations: CFA Institute, Financial Industry, Investor Education, Securities and Exchange Commission, SEC, Finance, Finra Investor Education Foundation, Meta, cryptocurrency Locations: Atlanta, cryptocurrency, U.S

☆ Over 40% of Gen Z are investing because they're driven by FOMO, survey finds
▼ + stars: | 2023-06-05 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Over 40% of Gen Z are investing because they're driven by FOMO, a new survey shows. In trying to meet financial goals, over 80% of American Gen Z started investing before the age of 21. That climbs to 60% of Gen Z in China who started investing because of FOMO. Over 80% of Gen Zers in the US and UK began investing before the age of 21 as well as 79% of Canadians and 63% of Chinese Gen Z investors. Only 7% of Gen Z in China started investing before they were 18 years old.

Persons: Z, —, Zers, Gen Xers, Gen, Gen Z, Gen Zers Organizations: Service, CFA Institute, Financial Industry, Authority Investor Education Foundation, Deloitte Locations: Canada, China

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