Northwestern Mutual's 2026 survey finds Gen Z leads all generations in first-mover investing behaviour
Gen Z investors are significantly more willing than their older counterparts to be first into emerging investment trends.
That's among the findings of Northwestern Mutual's 2026 Planning & Progress Study, conducted by The Harris Poll among 4,375 U.S. adults between January 5 and January 21, 2026.
The survey found that 15% of Gen Z respondents identify as "first movers" - those who act on new investment trends before they become mainstream - compared with 12% of millennials, 5% of Gen X, and less than 1% of boomers.
Another 19% of Gen Z describe themselves as "fast followers," meaning they move quickly once a trend shows early traction. Together, more than a third of the youngest generation of investors are inclined to get into emerging opportunities before they are widely proven — a proportion that dwarfs that of older generations.
"Their willingness to act can be a strength, especially when paired with research, discipline, and a financial plan," said John Roberts, chief field officer at Northwestern Mutual.
Risk appetite sets Gen Z apart
The survey data suggests that Gen Z's early-mover tendencies reflect a broader comfort with risk. Some 37% of Gen Z respondents said they prefer taking calculated risks in pursuit of higher returns, the highest share of any generation. That compares with 36% of millennials, 29% of Gen X, and 14% of boomers.
The gap widens further when it comes to career risk. Nearly half of Gen Z said they would risk changing jobs or starting a business in the hope of greater success. That figure drops to 39% among millennials, 31% among Gen X, and just 19% among boomers.
The findings arrive as advisors working with younger clients grapple with a distinct set of behavioral and financial characteristics that set Gen Z apart from the client archetypes many practices were built around.
Women driving a shift in risk comfort
One of the more striking data points in the Northwestern Mutual study concerns women's evolving relationship with financial risk.
Among Gen Z women, 45% said they have grown more comfortable with financial risk over the past three years — the highest rate of any female cohort. That compares with 42% of millennial women, 29% of Gen X women, and 16% of boomer women.
The trend represents a notable generational shift that advisors may want to factor into how they engage female clients across different age groups, at a time when AI-savvy younger investors are already reshaping what advisors need to deliver.
Broader public remains cautious
Despite Gen Z's appetite for risk, the overall picture among American investors is markedly more conservative.
More than seven in 10 U.S. adults said they prefer reducing risk to protect savings stability, even if that means accepting lower returns. Over the past 12 months, 43% of respondents said they have become more risk-averse, compared with just 31% who said they have grown more comfortable with risk.
The divergence between Gen Z's adventurous posture and the public's prevailing caution underscores the segmentation challenge facing the advisory industry. As young savers continue to build wealth faster than older generations did at the same age, advisors who can speak credibly to both the opportunities and the risks of early-mover investing may find themselves better positioned to win and retain Gen Z clients over the long term.
The 2026 Planning & Progress Study was fielded by The Harris Poll on behalf of Northwestern Mutual.
