With prices still high and budgets feeling tight, many New Yorkers are taking a look at how they manage their money. A new report shows that Americans, including families in New York, are changing how they invest because of the economy. Almost 2 in 5 people say they have adjusted their investment plans just to stay on track financially.
Many Are Playing It Safer With Their Money
One of the biggest changes that people are making is moving toward safer investments. About 42 percent say they are choosing options that feel more stable. Another 42 percent say they are trying to save more, while more than a third are adding extra income like a side job to help cover costs while still investing for the future.
Some Are Using Investments to Pay the Bills
About 18 percent of people say they sold stocks or funds to help pay for regular expenses like rent, food, or utilities. Another 15 percent said they had to dip into their emergency savings just to get by. .
Traditional Investments Are Still the Most Popular
Even though you hear a lot about things like cryptocurrency, most people are sticking with more traditional ways to invest. The top choices are stocks, retirement accounts, and mutual funds or ETFs.
These are the kinds of investments that New Yorkers use through work retirement plans or personal savings accounts, and they are seen as the main path to building long term wealth.
Younger and Older Investors Look Very Different
When it comes to how much people have invested, there is a big difference between generations. I wish that I started investing earlier in life, and younger adults should too. Gen Z, on average, started investing around age 20 and already has about 32,000 dollars invested. Baby Boomers started closer to age 31 but now average about 472,000 dollars in investments after decades of saving and growing their money.
Where People Turn for Money Advice
New Yorkers are getting financial advice from many places. About one in five use a financial advisor, while others look online or ask family members for help. Among younger adults, social media is more popular for money tips, with some turning to influencers for advice. Experts often warn that while social media can help, it is still important to check your information.
New Yorkers Might Be Wasting Money On These 11 Things
7 Best Times Of The Year To Make Money As Airbnb Hosts in New York
New York homeowners Made $115 million in 2021 with Airbnb