FOMO stands for “fear of missing out.” It refers to the feeling of anxiety or unease that can arise when you believe others are experiencing something enjoyable or beneficial, and you are not.
FOMO is commonly associated with the rise of social media and the constant exposure to other people’s activities, achievements, or events. Seeing friends, acquaintances, or even strangers sharing their experiences online can create a fear of being left out or not living life to the fullest.
FOMO can manifest in various ways, such as feeling compelled to constantly check social media updates, attending events or parties solely to avoid missing out, or feeling dissatisfied with one’s own life due to comparisons with others.
It can also lead to impulsive decision-making, as people may engage in activities or purchase items primarily to avoid the fear of missing out on potential opportunities.
Gen Z and FOMO and Investment
According to a survey conducted by the CFA Institute and the Financial Industry Regulatory Authority Investor Education Foundation (FINRA), Gen Z is beginning to invest at a young age and many of them are motivated to do so by FOMO.
In order to better understand their investment behaviours and motives, 2,800 Gen Zers, millennials, and Gen Xers from the US, Canada, the UK, and China participated in a study between November and December 2022.
According to the findings, more than 40% of Gen Z investors in the US, Canada, and the UK mentioned FOMO as a key factor in their choice to begin investing. The percentage of Chinese Gen Z who began investing as a result of FOMO rises to 60%.
Social media and the internet are helping the tech-obsessed generation become financially literate. 48% of them learn about investment and financial themes via social media, 47% from online searches, and 45% from parents and family. For these subjects, Gen Zers primarily use YouTube and internet searches, followed by social media sites like Instagram and TikTok.
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Gen Z Investment in India
It can be said that saving money has been ingrained in Indian culture. We all have been taught to keep a certain portion of our earnings aside in case of a rainy day. Though the previous generations have been big fans of just storing the money in a wardrobe or making a fixed deposit in the bank, things are changing for the newer generation.
A survey done by Moneycontrol shows that Gen Zers are smarter with their investment choices. A few of the survey respondents said that they gave their first salaries to their parents and one said that he donated it in a temple.
The filial duties done, the Gen Z has consistently invested in:
- Fixed Deposits
- Mutual Funds
- Term Insurances
Tell us about how you invest and which is the best option for maximum returns in the comments below!
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