Millennial financial stereotypes need modifying, survey shows
/A new survey shows millennials’ financial and investment skills are relatively advanced compared to the stereotype - in fact, millennials are investing and making long-term plans with their money at a high rate. Pearler, an investment platform, surveyed nearly 2,000 people on its platform, about half women, with 66 per cent being under the age of 35.
Key findings include:
Thirteen per cent of respondents earned less than $45,000 but were still finding ways to invest
Forty-four per cent owned property while still investing on the side
Over half of investors were not discouraged by their investment strategies, indicating long-term thinking and increased focus on financial freedom despite market downturns
Over 60 per cent of the platform’s users do not believe that current market volatility has affected their investment strategies, with over 30 per cent saying their strategies were somewhat affected
Ninety-two per cent of respondents planned on holding their investments for five or more years, while 40 per cent intended to hold them for more than 20 years
Eighty per cent were engaged in investing activities at least once per week, while 88 per cent were engaged with blogs, books or podcasts to help make decisions
Fifty-five per cent made their first investments in the past 12 months, with 80 per cent investing more every month
