July 9, 2015 Fact of the Day: What are the personality types of Millennial investors?
Did you know that Millennials can be broken into 5 different investor personality types or "personas"?
Based on the ongoing research conducted by Spectrem Group, there are 5 different types of Millennials.
Spectrem researched more than 12,000 investors with more than $100,000 of net worth and identified 5 different Millennial personas. These include:
1. The "No Worries" persona. Lucky, satisfied and demanding, this group represents 19 percent of the Millennials and on average is worth about $3.4 million. Their investment approach is Moderate to aggressive.
2. The "Climbers" represent 23 percent of the Millennials, and they are also very wealthy with a net worth of $3.3 million. They are Moderate to Very Aggressive investors and can be described as Aggressive, self confident and likely to make more money in the future.
3. The "Family Matters" millennials. These individuals make up 19 percent of the total and are primarily young families worried about ensuring their future. They have an average net worth much lower than the first two at $442,000.
4. The "Worrier" is the next type of Millennial personal. Worriers represent 18 percent of all millennials and have an average net worth of $289,000. They have multiple personal worries with little money saved to deal with them.
5. The last persona is the "On My Own" that represents 21 percent of wealthy millennials. They are the least wealthy, are hard-working, and have a strong sense of responsibility to others. Their average net worth is $245,000 and they are moderate to aggressive investors.
What type of persona are you? Are you more like the "No Worries" or are you more of a "Worrier"? How much planning do you do? Are you a Climber...or maybe a Family Matters type of persona?
While no one fits 100 percent into any one category, personas are a good way to gain a general understanding of larger groups.
To learn more about Millennials, click here or contact Randy Wostratzky at email@example.com or 224-544-5195