Nearly two-thirds of Millionaire Millennials enjoy investing and would not want to give it up.
Don’t believe everything you've heard about Millennials.
The Investing Habits of Millennials, a new Spectrem Group Perspective,provides an illuminating look at a generation often misunderstood and mischaracterized in the press.
Lazy? Millennials are most likely to cite hard work as the primary factor in their wealth creation. Entitled? Nearly four-in-ten non-Millionaire Millennials have made it a priority to proactively get adequate help and advice that would help them to achieve their financial goals.
These are two takeaways from Spectrem Group’s demographic study that polled 385 affluent Millennials, half of which have a net worth of more than $1 million (not including primary residence). To learn more, take advantage of an exclusive opportunity to preview the Perspective by CLICKING HERE. Additionally, you can CLICK HERE to purchase the Perspective.
Millennials—born between 1981-1997—report being very much engaged with their finances. Nearly two-thirds of Millionaire Millennials (64 percent) enjoy investing and would not want to give it up. In comparison, 55 percent of Gen Xers, and just over half of Baby Boomers and members of the World War II generation respond similarly.
An equal percentage of Millionaire Millennials and Baby Boomers like to be actively involved in the day-to-day management of their investments.
Financial advisors ignore Millennials at their own peril. There are currently more Millennials than Baby Boomers, the Census Bureau announced this year. Further, they are creating wealth at a faster pace than previous generations. Financial advisors have the challenge of reaching and communicating with a generation who may be wary of using their services.
Millennials came of age during the worst economic event since the Great Depression, the 2008 economic collapse and subsequent recession. They saw how it impacted their parents’ finances, but it perhaps didn’t really hit home with them until they graduated from college and tried to find a job.
How do they see their future? They’re Millennials, and according to “The Investing Habits of Millennials,” they are nothing if not optimistic. While less about a financially secure retirement than previous generations, a solid 68 percent do fully expect to have sufficient income to live comfortably in their post-work years.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.