SoFi Technologies, Inc., a digital personal finance company, has released its first SoFi Invest Midyear Investor Report. The report reveals that many investors feel they are not meeting their ideal investment targets for their age. Gen X is particularly concerned about lagging in their investment journey.

The report examines investor sentiment and trends midway through the year, highlighting generational differences in investment approaches and attitudes towards the economic climate. Nicole Casperson from SoFi Invest stated, "There is no ‘magic number’ for an investor’s portfolio that, once reached, will instantly signal their readiness for retirement or other major financial goals as everyone’s situation is different."

Despite fears of a recession amid ongoing inflation in 2023, 72% of investors remain optimistic about the markets. Over half of the respondents feel positive about investing now and prioritize ensuring sufficient investments during this period.

Investors continue to favor equities as the primary component of their portfolios, followed by cryptocurrency, mutual funds, bonds, and ETFs. There is also a preference for income-focused investments over growth investments among younger generations like Gen Z and Millennials.

Investment discussions are common among friends and family but vary by age group. Gen Z (64%) and Millennials (60%) are more likely to engage in these conversations compared to Boomers (43%). Social media plays a significant role in investment decisions for nearly half of the investors surveyed.

Robo-advisors remain popular with 39% usage among investors; however, representation remains a challenge in traditional financial advising. "Representation matters," said Casperson from SoFi Invest. She emphasized the importance of diversity within financial advice services.

The rise of AI technology has piqued interest among investors with around a quarter expressing interest in using AI for investing purposes. However, some remain cautious until further evidence supports its effectiveness.

For more detailed findings from this report conducted between June 30 and July 10, 2023, visit SoFi's website.