The majority of Americans (86%) are investing with defined financial goals in mind, including retiring on time (40%) and becoming financially independent (36%); though nearly a quarter admit to not having started investing until after turning 40 (23%), according to new Empower research.

Key takeaways

• More than 4 in 5 Americans (86%) are investing to reach defined money goals like building an emergency fund (29%) and building generational wealth (19%). 
• Over 1 in 5 people (21%) now hold investments in cryptocurrencies, and millennials are more likely to own crypto than any other age group  (29%).
• Nearly 1 in 3 people (30%) go to financial advisors to get information and advice about investing, while others turn to friends and family (24%) or online resources like blogs, podcasts, and YouTube (23%). 
• Less than half of Americans (44%) have confidence in their ability to make good investments.

Defining confidence

Across generations, Gen Xers have the highest overall trust in their investing skills (47% confident), followed by millennials (45%) and baby boomers (42%). Gen Zers have the lowest investing confidence (39%).  

Those who started investing when they were 18 or younger are more likely to feel confident (51%) than those who began investing at 40 or older (31%). However, only 5% of Americans began investing before 18, while most got started in their 20s (40%), 30s (33%), or after turning 40 (23%).

Investing priorities

Although some Americans may lack confidence in their investing abilities, most are quite clear about why they're investing: to retire at their goal age (40%) and to become financially independent (36%). Respondents also invest to afford experiences that bring them joy (30%) and to build up an emergency fund (28%). 

Among age groups, millennials (47%) are most likely to prioritize investing to retire on time, while Gen Z investors put financial independence and homeownership ahead of their retirement goals.

The most common investments Americans hold are retirement accounts (53%), followed by individual stocks (38%). As they are early in their careers, only Gen Zers say they're more likely to hold stocks (40%) than retirement accounts (36%).

Continuing education

When it comes to investing, there's always more to learn — and some Americans are committed to doing just that. Nearly 1 in 3 people (30%) go to financial advisors for information and advice about investing, while others turn to friends and family (24%) or online resources like blogs, podcasts, and YouTube (23%). 

Less than 10% of Americans get investment advice and information from social media, but that number climbs to 22% for Gen Zers. Baby boomers are by far the most likely to use a financial advisor (53%) and the least likely to use social media to learn about investing (2%).

The investing topics Americans want to learn about most are real estate (18%), dividends (17%), and AI investing tools (12%). And while digital currencies may be a hot topic, people are nearly twice as likely to want to learn more about real estate investing than crypto.

Comparing age groups, Gen Zers and Gen Xers (20%) are most interested in learning more about investing in real estate, compared to only 14% of millennials. Baby boomers (30%) have the most interest in learning about dividends — and the least interest in cryptocurrency education (5%).

Overcoming barriers

One-third of Americans (33%) say the main reason they don't invest more is a lack of funds — for others, it's fear of losing money due to market volatility (19%) or lack of knowledge of investment options (15%).

Some 42% of people say investing would be more accessible and appealing if there were safeguards that protected against losses, suggesting that many investors have low risk tolerance. Additionally, 39% want more transparency about the fees and risks associated with investing.

Americans also want access to easier-to-use investment platforms (33%), personalized investment advice (35%), and more educational resources (33%) — all of which could help the public overcome investing hurdles.

Additional findings

More key findings from the report:

• Starting out: 40% of Americans say they began investing in their 20s, and 5% say they got started when they were 18 or younger.
• Stocks vs. ETFs: Americans are over three times more likely to prefer investing in stocks than ETFs (37% compared to 12%). Around 1 in 5 (19%) invest in stocks and ETFs equally, while 32% say they don't invest in either.
• Not everyone invests: Close to 1 in 5 (16%) say they currently hold no investments. Gen Zers (20%) and baby boomers (19%) are more likely to have no investments compared to Gen Xers (16%) and millennials (11%).
• AI investing: Despite explosive growth in the AI industry, only 18% of people think AI tools will make investing more appealing or accessible.

Methodology

Empower conducted an online survey of 1,007 adults ages 18+ through a third-party provider on February 25, 2025.