Despite ongoing investor demand for exchange-traded funds , baby boomers appear to be bucking that trend, new research shows. Experts say there may be a good reason for it.

Only 6% of surveyed baby boomers — those born 1948-1964 — say they plan to "significantly increase" their ETF investments in the next year, according to a new study from Charles Schwab . That compares with 32% of millennials — those born 1981-1996 — and 20% of Generation X, born 1965-1980.

Boomers are also the generation least likely to say they are open to putting their entire portfolio in ETFs in the next five years, with 15%, versus 66% for millennials and 42% for Gen X.

Schwab's research study into ETF investing has been ongoing for more than 10 years. In 2025, it collected responses from 2,000 investors:

See Full Page