This is because the emergence of online broking has made the share market more accessible and affordable for Gen Y investors, said CommSec managing director Paul Rayson.
“Our review shows that in 1995 only around one in five new investors using our platform were aged under 35. Now just over half of our new customer base is aged under 35.
“This shift in age demographic is a striking feature of a change in consumer behaviour looking back over the past 20 years. It demonstrates how younger people have embraced technology and become more self-directed in their approach to financial decision-making,” he said.
Overall, 33 per cent of Australians over the age of 18 (an estimated 5.94 million people) now hold shares directly compared to 16 per cent in 1994, the analysis found.
This shift has also translated into more people using mobile devices for investing. According to research by Investment Trends, 60 per cent of current online investors use a mobile device to monitor the market, trade shares and transfer funds, CommSec said.
“In CommSec, we have seen trading via mobile devices experience rapid growth over the past 12-18 months. Around 25 per cent of log-ins and 13 per cent of daily trades are now performed on mobile devices,” Mr Rayson said.
Moreover, investors are still cautious by ensuring their holdings are diversified across various sectors and today this extends beyond domestic share ownership, with five per cent of the Australian population now owning international shares, CommSec said.
