Young people are investing at high rates, with cryptocurrency being their go-to investment, according to a new study by an arm of the Financial Industry Regulatory Authority and the Chartered Financial Analyst Institute.

Fifty-six percent of Gen Z members, which is defined as those between 18 and 25 years of age, already are investing and more than half of those have money in cryptocurrency, the report “Gen Z and Investing: Social Media, Cyrpto, FOMO and Family,” said. The report was prepared by the CFA Institute and the Finra Investor Education Foundation, a research and educational organization designed to help financially underserved populations.

The percentage of this group that is investing now is only expected to grow as they age, Finra Foundation President Gerri Walsh said in an email.

The report notes that the number of young people investing is “surprisingly high” and the age group is less likely than their older counterparts to use mutual funds, and are more likely, along with millennials, to invest in crypto and non-fungible tokens compared with Gen Xers.

Gen Z investors in the U.S. use a variety of resources to learn about investing, including social media, internet searches, and parents and family. Their top online resource is YouTube, the report said.

“Overall, the younger generation may be more experienced with investing than prior generations were at the same age,” Walsh said. But “Gen Zs are investing in crypto and other products that did not exist when Gen X, for example, were at a similar age,” which makes intergenerational comparisons for types of investing challenging.

Gen Z investors are risk takers, according to the report. Forty-six percent are willing to take substantial or above-average financial risks, while half also said they have made an investment driven by their fear of missing out, or FOMO.

For those Gen Z members who are not investing, 65% cited a lack of savings; 64% said they did not have enough income or that they were living paycheck-to-paycheck; and 56% said they do not have enough knowledge about investing.

A large number of young people around the globe also are investing, the report noted. Among the countries covered by the study, Canada has the highest percentage of Gen Z investors, with nearly three-quarters, while 49% in the U.K., and 57% in China reported the same.

“The research is revealing when it comes to the so-called ‘on-ramps’ to investing, that is to say the various factors that prompt Gen Zs to enter the markets,” Walsh said. “The ability to start investing with small amounts is certainly among those factors, as is curiosity. And we should not overlook the influence of parents and other family members in that process.

“The Gen Z population is diverse and digitally savvy. They are using mobile technology to enter the financial markets in unprecedented numbers and consulting a wide range of information sources as they do so,” she added. “It is vital to understand their investing decisions and to provide them with the educational tools to prepare for those decisions.”

Paul Andrews, managing director for research, advocacy and standards at the CFA Institute,’ said in a statement, “These new entrants to the world of investing are reshaping investment practices, products, and platforms. A range of macroeconomic and social factors, such as rising inflation, the growing popularity and accessibility of cryptocurrency, and social media ‘finfluencers,’ are having a profound impact on how, where and what they invest in.”