SoFi Report Reveals 85% of Investors Plan to Change How They Invest in 2023

Three out of four investors report regrets about how they invested in 2022, and 85% now plan to change how they invest in 2023 according to a new survey from SoFi (NASDAQ: SOFI), the digital personal finance company. The first-ever SoFi Investor Study surveyed 1,000 investors in the U.S. about how they managed their portfolios in 2022, their general sentiment about the market, and their predictions for 2023. In 2022, investors endured wild market volatility, rising interest rates and a crypto winter, and they’re facing more potential headwinds in 2023.

Reflecting on Investing in 2022

While 2022 was a rough ride for many investors, most stayed the course, with 93% reporting they continued to invest despite the environment. While staying in the market, many regretted some of their choices over the last year, with the most common regrets for investors in 2022 turning out to be:

• Not buying more cryptocurrency at lower prices (18%)
• Not buying more stock when the market started to decline (16%)
• Not selling stock before the market started to decline (15%)

One of the biggest challenges to the economy in 2022 was white hot inflation, but respondents were divided on how they felt about its impact on their investment strategies over the last year despite the toll it took on people’s wallets. In fact, 39% of respondents said they want to invest more (despite inflation), 33% said inflation made them want to leave their investments alone, and only 28% said inflation made them want to invest less. The group of investors least spooked by inflation? Gen Z, with the new generation of investors making up the biggest group of investors reportedly wanting to invest more despite inflation.

Life & Investing in 2022

Recent economic conditions took their toll on investors in more ways than just financial, with many people stressing over investments. Investors coped with the stress of market fluctuations in a variety of ways. According to the findings, almost half engaged in other hobbies to take their minds off their investments (41%). Notably, a third of investors completely stopped checking their balances (31%), embracing “out of sight, out of mind” to help get through a tough year and stay the course on their investments.