I'm not sure I believe this statistic.  what do they base it...

I'm not sure I believe this statistic. what do they base it on. My guess is they base it on whether these traders opened cash accounts or margin accounts. most Gen Z investors use apps like robinhood and we'll etc which default to margin accounts whether they put in cash or not.
if they really borrowed money to invest, who was dumb enough to lend unexperienced investors money to lose?