Investor 2.0: Our report on generation Z

CFA Society Poland has published the results of its comprehensive study, "Gen Z Investing 2025", marking the first extensive analysis in Poland of the investment habits of individuals born after 1995. The report sheds new light on capital accumulation processes, product preferences, and decision-making mechanisms of Generation Z, highlighting significant differences in their approach to risk and financial education compared to older investor groups.

Collaboration between academia and market practitioners

The project involved students from economic universities across Poland, academic researchers, and investment professionals from the CFA community. This collaborative framework allowed for the integration of theoretical knowledge with practical market experience.

Researchers from leading economic centers in the country, including those in Poznań, Toruń, Lublin, Opole, and Wrocław, provided support in reaching respondents and promoting the survey within the academic community. The study, based on a sample of 1,411 respondents, provides a reliable database for analyzing structural changes in the Polish capital market.

Early market entry

Data collected in the report indicates a progressive decline in the age at which young Poles decide to start investing. In the youngest group surveyed (ages 18–21), as many as 36% of respondents reported making their first capital allocation decisions before reaching the age of 18, which often involved using instruments provided by parents or legal guardians.

"The analysis of the age at which investing begins shows that Generation Z perceives financial markets as a natural environment for building wealth, rather than a distant prospect of adulthood. For the financial sector, this is a signal that professional support must reach young investors much earlier, before their attitudes are shaped solely by informal sources of information," notes Magda Oleksiuk, FCCA, Managing Director at CFA Society Poland.

Correlation between knowledge and eisk appetite

One of the key findings of the study is the identification of a competency paradox. Although 80% of young investors manage their portfolios independently, only 28% declare full awareness of their decisions. The lack of professional support, combined with a reliance on their own, often intuitive judgment, significantly impacts the risk profile of this group. Respondents with less experience declare greater caution, being less likely to take aggressive market actions without proper substantive preparation.

"These results suggest that the gap between independence and real competencies can lead to unpredictable market behaviors. As an organization promoting the highest ethical and professional standards, we see a vast opportunity for responsible education that emphasizes not only the technical aspects of investing but, above all, an understanding of one's own limitations and the psychology of risk," emphasizes Professor Krzysztof Jajuga, President of the Board of CFA Society Poland.

New information sources and alternative instruments

The report confirms the dominant role of social media and informal online investment communities in the decision-making process of Generation Z. A strong correlation was found between participation in discussion groups and interest in high-volatility assets, such as "meme coins" or "meme stocks." As many as 88% of those investing in these asset classes regularly use online communities, which fosters "echo chamber" effects and investing driven by FOMO (Fear of Missing Out) — a sentiment admitted by 52% of all respondents.

Financial discipline and investment goals

Despite a propensity for risk, the surveyed group demonstrates significant budget discipline. As many as 68% of investing Gen Z members allocate more than 10% of their earnings to investments, and 32% of respondents declare setting aside more than 25% of their monthly income.

Generation Z's investment goals are highly pragmatic:

• Financial independence – 59%

• Protection against inflation – 45%

• Purchasing real estate – 37%

Notably, despite the broad public debate on sustainable development, over 70% of respondents ignore ESG factors when making investment decisions, indicating a prioritization of measurable financial gain over non-financial aspects.

The "Gen Z Investing 2025" report serves as essential analytical material for financial institutions, regulators, and entities involved in economic education, pointing to the need to adapt offerings to the requirements of a generation that combines high technological proficiency with a need for reliable substantive support.