Millennial investors (investors aged 32 and under) are most concerned with key issues of national importance and applying monetary success to social good. Insights from Spectrem’s 2013 High Net Worth Millennials report Millennials are generally more interested than the Gen X, Baby Boomer, and WWII generations in learning how to apply their wealth to help others – though they lack confidence in managing their finances.
Millennials’ top national concerns include:
· The economy: 68 percent of Millennial investors with more than $1 million net worth said they are worried about the prolonged economic downturn
· More than half (53 percent) of the wealthiest Millennials expressed concern about inflation, the partisan political environment and the national debt
Overall, the wealthiest Millennials also expressed greater interest than their older counterparts in using their wealth to help others – 45 percent vs. just over three-in-ten of Gen Xers (investors age 33-47), Boomers (48-66), and seniors (67+).
Yet very few Millennial investors feel knowledgeable about financial products and investments, most keep wealth in cash, and over one-fourth do not use a financial advisor.
Further insights into Spectrem’s 2013 High Net Worth Millennials report are available at Spectrem’s Millionaire Corner, including:
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