According to @EricBalchunas, a Charles Schwab survey shows 69% of Millennials believe they can beat the market, compared with 53% of Gen X and 36% of Boomers, and only 29% of respondents trade tactically, source: Charles Schwab survey as relayed by @EricBalchunas (Nov 21, 2025 tweet). Behavioral finance research finds that investor overconfidence is associated with excessive trading and underperformance versus benchmarks among individual investors, source: Barber and Odean, Journal of Finance 2000 and Barber and Odean 2001. Younger adults are more likely to own or use cryptocurrency than older cohorts in the United States, making this demographic relevant for crypto market monitoring, source: Pew Research Center 2023 report on U.S. cryptocurrency adoption. Together, the Schwab survey’s confidence gap by age and the higher crypto participation among younger adults highlight a retail segment whose sentiment can materially influence trading activity and risk in volatile assets, source: Charles Schwab survey via @EricBalchunas and Pew Research Center 2023.