Investing is no longer something that only your dad does; according to new research, millennials are stepping up to the plate and taking a shot—and they’re quite good at it.
A new survey of 2,000 millennials shows that nearly 7 in 10 of them are currently financially investing in something. Furthermore, 85% of those youth do not, in fact, feel too young to invest.
The survey, which was conducted by OnePoll on behalf of Ally Financial Inc., also uncovered how millennials felt about investing—which is, surprisingly confident.
According to the results, 85% of millennial investors have grown their money, with the average saying they’ve netted $2,527.
Most participants believed the “right age” to dive into investing is 28, and survey respondents said you should have at least $3,600 in your savings account.
While millennials, in general, are pretty on top of it, there are still about 1 in 5 who say they’re so overwhelmed by the idea of investing, that they haven’t even looked into its potential, at all.
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They need to learn about the magic of compounding (see link above), and jump in, if they can!
TOP 7 REASONS WHY MILLENNIALS DON’T INVEST
I don’t have enough money to invest. 53%
I don’t know how to properly invest. 42%
I don’t know the first thing about investing. 39%
I’m afraid of losing money on the stock market. 38%
I don’t have time to invest. 9%
Investing is completely out of the question for me. 9%
Investing is not worth it for me right now. 9%
Investments, we learn from this survey, are not always based on profit— it’s more about ethics for our younger generation.
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Of the millennials who never invested, 83% said if they were to do it, it would be important for that company to be ethical and socially responsible.
Additionally, when asked if they would invest in an unethical and socially irresponsible company that would make them “rich”, the majority of millennials said “no”.
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“The millennial generation has plenty of motivation for getting invested; they know it’s one of the surest ways to overcome debt and build financial security over time,” said Ally Invest’s executive director Dave Dusseault.
“But all of the industry jargon and daily market moves have them spooked. The truth is, it only takes a few simple steps to get started and put yourself in a position to benefit from the market.”
TOP 10 SECTORS MILLENNIALS INVEST IN
Technology 58%
Energy 37%
Healthcare 34%
Financial 33%
Telecommunications 31%
Retail 26%
Industrial 25%
Established institutions 23%
Socially responsible companies 23%
New startups 21%
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