Millennials are in big trouble
Earlier this year, Stash, an investment app-based company that helps Millennials with their investment choices, commissioned a study to learn a bit more about what Millennials are doing for retirement. Harris, which conducted the study by interviewing 489 Millennials between the ages of 18 and 34 in March, found one striking similarity among Millennials: Nearly four in five (79%) Millennials weren't currently invested in the stock market.
When questioned why they haven't invested in stocks, 40% of Millennials believed they didn't have enough money, 34% responded that they didn't know how, and 13% noted that student debt prevented them from investing in stocks.
Here are a handful of additional critical findings from the study:
76% of Millennial women and 60% of Millennial men find investing confusing.
60% of Millennial women and about half of Millennial men can't relate to the typical investor, whom they view as an older individual.
67% of Millennials believe it's important that they make the decision of what to invest in, rather than relying on robo-advisers.
37% of Millennials would choose an investment app over a traditional investment firm with their money.
The biggest concern with the above data is pretty simple: The stock market is going to outperform nearly all asset classes over the long term. In other words, Millennials could be missing out on substantive long-term gains, which could ultimately leave them coming up short when it's time to retire.
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