The Millennial Generation, currently in their twenties and thirties, are approaching their peak earning years. According to Deloitte, the global net worth of Millennials could reach $24 trillion by 2020. For this reason, investment firms are starting to take Millennials seriously, and coming up with ways to appeal to this digital-savvy generation.
Getting Millennials to invest in the stock market is not an easy task. This generation experienced the crash of 2008 at an early point in their careers, making them wary of the market. Many of them also have mounting student loan debt, making thinking about retirement next to impossible. Millennials do recognize the importance of preparing for the future, though, with a recent Wells Fargo study indicating that 85% believe saving for the retirement is a key part of “adulting.”
One way investment companies are targeting Millennials is through developing smartphone apps. Current investing apps allow users to invest change left over from purchases, or buy fractional shares in a company in lieu of full ones. Broker apps are also available, offering uber-style accessibility, and “robo-advisers” allow new investors to quickly build a portfolio online after answering a few quick questions.
In addition to apps, companies are paying attention to the social values of Millennials. “Clean and Green” portfolios allow young people to invest in renewables and other eco-friendly options. Investment firms are also allowing learning how to talk to Millennials, providing conversational articles in bite-sized bits appropriate for digital consumption.
However this generation chooses to invest, it is clear that when it comes to wealth management, Millennials do not wish to get left behind. As their financial security increases, the Millennials will no doubt have a strong impact on how the market functions.
Wall Street Courts Millennials
The Millennial Generation, currently in their twenties and thirties, are approaching their peak earning years. According to Deloitte, the global net worth of Millennials could reach $24 trillion by 2020. For this reason, investment firms are starting to take Millennials seriously, and coming up with ways to appeal to this digital-savvy generation.
Getting Millennials to invest in the stock market is not an easy task. This generation experienced the crash of 2008 at an early point in their careers, making them wary of the market. Many of them also have mounting student loan debt, making thinking about retirement next to impossible. Millennials do recognize the importance of preparing for the future, though, with a recent Wells Fargo study indicating that 85% believe saving for the retirement is a key part of “adulting.”
One way investment companies are targeting Millennials is through developing smartphone apps. Current investing apps allow users to invest change left over from purchases, or buy fractional shares in a company in lieu of full ones. Broker apps are also available, offering uber-style accessibility, and “robo-advisers” allow new investors to quickly build a portfolio online after answering a few quick questions.
In addition to apps, companies are paying attention to the social values of Millennials. “Clean and Green” portfolios allow young people to invest in renewables and other eco-friendly options. Investment firms are also allowing learning how to talk to Millennials, providing conversational articles in bite-sized bits appropriate for digital consumption.
However this generation chooses to invest, it is clear that when it comes to wealth management, Millennials do not wish to get left behind. As their financial security increases, the Millennials will no doubt have a strong impact on how the market functions.
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