Young adults have invested in stocks more actively this year than in the same period a year ago, according to the customer data of OP Financial Group.
The equity savings account has become especially popular among young adults. Similar growth in investment activity is not noticeable among older investors, said OP in a press release on Tuesday.
OP's stock investor customers aged 18–24 have spent more on buying shares in every month of the current year so far than in the same period a year ago.
For example, in March this year, young adults bought 32% more stocks than in March 2022. In other age groups, purchases of stocks were below last year's figures nearly every month.
"In particular, young women have been buying significantly more stocks in recent years," said Tiina Routamaa, Development Manager, Human-assisted Investment Services of OP.
The most popular stocks among OP's young stock investors this year are Nordea, Fortum and Kesko.
As much as 42% of stock market trades this year by OP's customers aged 18–24 have been made using the equity savings account.
"The equity savings account has clearly been a hit among young investors. The equity savings account is very suitable for building an investment portfolio and long-term investing. Long-term investors may need to move invested funds from one stock to another. With the equity savings account, this is possible with minimal tax consequences," said Routamaa.
Among investors aged 55–64, only 10% of stock market trades are made using the equity savings account.
According to OP's customer data, older customers prefer to use a book-entry account instead of an equity savings account for stock investing.
The popularity of the equity savings account is on the rise among young people. In 2022, OP's customers aged 18–24 used the equity savings account for 24% of stock market trades. This year, the figure is as high as 42%.
Monthly investing in funds has also grown in popularity among young adults aged 18–24. Between January and May, the number of monthly investment fund subscriptions by young people grew by around 10% compared to a year ago.
On the other hand, the sums invested decreased. Between January and May last year, the average sum in monthly fund investments by young people was 50 euros, compared to 47 euros in the same period this year.
"Many customers have adjusted their investment behaviour due to the rising cost of living. Changing the sum invested monthly is easy with the OP-mobile app, for example. This year, the average value of one-time fund subscriptions outside monthly investment plans by customers aged 18–24 is about 350 euros," said Routamaa.