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Friday, August 7, 2020

How millennials are under-investing in their retirement accounts

Lots of outlets have been reporting on how Millennials are under-investing in their retirement accounts and instead sticking with cash or just a regular bank savings account with little to no interest. 401kSepcialistMag proposes that the “risk-averse” younger generation may be victims of “post-financial stress disorder,” after 2008 market crash. While this may be true, the survey referenced also gives a really great insight into other reasons millennials seem to be sticking with cash investments. For example, now there are lots of no-fee, low minimum investment savings accounts making them incredibly easy to get and available.

When you couple this with what seems like a lack of knowledge about investing that a younger generation is naturally going to be predisposed to, it starts to make some sense why millennials have a lower rate of investing in the stock market than older generations.

The question is then, how to change their current trend? Be sure to leave a comment below.

Check out the full article here:

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