Survey: 72% of Gen Z Investors Adjusted Portfolios Ahead of Midterms, Versus 17% of Boomers

Seventy-two percent of Gen Z investors said they had already changed their retirement savings or investment portfolios in anticipation of the November elections, far exceeding the 17% of Baby Boomers who reported doing the same, according to a survey by the Nationwide Retirement Institute. About as many Gen Z investors added money to exploit current conditions as moved into safer assets, the survey found. Across all generations, 40% of investors made changes ahead of the election on Nov. 3, which will determine control of both chambers of Congress. The survey, conducted between late August and early September, included 2,029 American investors with at least $10,000 in investable assets and 538 financial professionals. Mark Hackett, chief market strategist for Nationwide's Investment Management Group, said younger investors are not necessarily more fearful but interact with markets differently, with little friction between a headline, an investing app and a portfolio adjustment. Advisers surveyed said maintaining an existing strategy is generally best in an election year. Since 1950, the S&P 500 has risen in the 12 months following midterms, averaging 15% gains, according to J.P. Morgan Asset Management.