Grayscale Research Director Says Gen Z Starts Investing at an Average Age of 19

Grayscale Research Director Zach Pandl published an article in The Stack on September 28, 2026, noting that among American investors, Gen Z starts investing at an average age of 19, while Millennials start at 25, Generation X at 32, and Baby Boomers at 35. Assuming a retirement age of 65, Gen Z has an investment horizon of 46 years, which is over 50% longer than the 30-year horizon of Baby Boomers. Pandl stated that starting to invest early not only allows for the benefits of compounding but also enhances the ability to take on risk. When young, labor capital constitutes a larger share of wealth, and a longer investment horizon means more time to recover from market fluctuations, with future income available for continued saving and investing, thereby expanding the lifetime risk budget. He believes that the volatility of returns in digital assets is significant and potentially asymmetric, making them more suitable for longer and more flexible investment horizons. Additionally, Pandl pointed out that for early investors, the cost of recent volatility may be less than the opportunity cost of missing out on long-term upside. Early starters can allocate a higher proportion to digital assets while maintaining a balance of lifetime risk, and having more time to absorb fluctuations may enhance the utility of digital assets in long-term portfolios.

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