I was reading an article today where the statistics are crazy. Millennials have invested less than $500 in their lifetime. The 25 -34 year olds have invested about $5,000 dollars, and 14% people invested about $50,000. What are your thoughts on this? Isn’t this alarming?
There was a survey pertaining to why Millennials are not investin and a wapping 45% said, they just don’t have enought money to invest. About 12% just don’t want to invest and 12% said, they are afraid to lose money. The reasons why millennials are behind on investing is because of their heavy student loan. In addition, the study shows that millennials get paid less than what baby boomers use to get paid at their age, hence, there is a wealth gap. Also, they viewed saving up for a down payment is more important than investing (won’t lie, I had the same mindset when I was younger).
Note to you – The moral of the story is the longer you wait on investing, the weaker your savings are getting in the bank. Cash looses value over time.
Millennial mindset is less debt and bigger salary. However, during the pandamic, millennials have slowly started getting into investing. A blog by Central1, states that there has been a spike in online brokerage accounts for investing by millennials during the pandamic. Deloitte 2020 survey assessing GenZ and Millennials spending behaviors showed the pandamic had an impact on how these two generations are watching their spending habits.
Let me know if you are a spender or a saver or a investor? What is your future financial strategy?