Gen Z investors are more likely than older generations to adjust their portfolios ahead of the U.S. midterm elections, with some shifting to lower-risk investments. According to Sina Finance, a recent Nationwide Retirement Institute survey found that nearly three-quarters of investors under 30 had changed their portfolios or were considering doing so before the November election, compared with 17% of baby boomers; 40% of investors across all age groups said they had made changes.

About 24% of Gen Z respondents said they had moved money into more conservative or lower-risk investments, versus 13% of baby boomers. Younger investors were also more likely to diversify into new asset classes or consult financial advisers about election-related risks. The Harris Poll conducted the survey in August and September, reaching more than 2,000 individual investors and 500 financial professionals.

More than half of investors surveyed said the midterms increased their anxiety, and about three-quarters said the outcome could significantly affect their long-term financial plans. Pew Research Center found that the economy was a top concern for voters, with more than 80% saying it was very important to their vote. The U.S. economy was still growing, while persistent inflation and rising health care and gasoline costs weighed on consumer confidence, which recently fell to its lowest level since 2014.

Since 1950, the S&P 500 has posted positive returns in the 12 months after every midterm election, averaging 15% over those periods, compared with a long-term historical annual average slightly above 10%. Nationwide Investment Management Group Chief Market Strategist Mark Hackett said he was surprised by the generational differences in election-related anxiety. He attributed some of the gap to experience: older investors had lived through the dot-com bust and the global financial crisis and seen markets recover, while younger investors came of age afterward amid a constant flow of news and social media. Hackett said markets were more resilient than many people imagined. Nearly two-thirds of the financial advisers and professionals surveyed said the best approach in an election year was to do nothing.