Gen Z investors lead in mutual fund portfolio switching during periods of uncertainty: Report

Investor behaviour shifts meaningfully across age groups. Trust and product confidence strengthen, influence channels move from peers and social media towards advisors, and switching propensity declines as investors age, according to a report by Eminence Strategy Consulting on Mutual Fund 2026. (Note: Scores are measured on a 10-point scale, where 0 = lowest and 10 = highest.)

Gen Z investors trust the mutual fund industry at a score of 7.4, of which 45% are brand-led investors. Millennial investors trust the MF industry at 7.9 and look for AMC reputation at a score of 7.4, of which 30% are brand-led investors.
Gen X and Boomer investors trust the mutual fund industry at a score of 8.1 and look for AMC reputation at 7.7, of which 31% are brand-led investors.

Gen Z investors score 6.8 in confidence in product understanding, of which 43% rate their understanding as high. Millennial investors score 7.5, with 59% rating their understanding as high.
Gen X and Boomer investors score 7.3, with 52% rating their understanding as high.

For Gen Z investors, the primary investment objective is short-term goals alongside long-term wealth creation. For Millennials, Gen X and Boomer investors, it is long-term wealth creation.

Around 75% of Gen Z investors invest through digital platforms, 18% through advisors, 17% through AMCs directly, and 14% through banks.
Around 52% of Millennial investors invest through digital platforms, 14% through advisors, 33% through AMCs directly, and 21% through banks.
Around 31% of Gen X and Boomer investors invest through digital platforms, 42% through advisors, 34% through AMCs directly, and 24% through banks.

Gen Z investors have a switching propensity of around 46% on negative news, whereas for Millennials and Gen X and Boomer investors, it is 36% and 33%, respectively.

Among Gen Z investors, around 62% value fund manager credibility, 40% value clear communication, and 35% value customer support.
For Millennials, 49% value brand familiarity, 45% value fund manager credibility, and 38% value clear communication.
Among Gen X and Boomers, 47% value fund manager credibility, 38% value brand familiarity, and 29% value clear communication.

Among Gen Z investors, 29% rely on peers for investment decisions, while 17% are influenced by social media.
Among Millennials, 25% are influenced by peers and 24% by banks.
For Gen X and Boomers, 45% are influenced by advisors, while 19% are influenced by peers.