Vanguard, an American registered investment advisor and maybe the best known investment company in the world, recently conducted a survey about retirement, investing, and financial advice during market volatility. The survey was conducted as a broader survey to see the difference in generations as it relates to investing. 885 millennials with minimum household incomes of $50,000 age 24-39 participated. Let’s look more into the millennial investor mind.
Millennial investors age 24-39, which not only am I part of as the old man of the group, but also a large selection of my financial coaching clients fit this profile as well.
While I have not asked my clients specifically if they eat avocado toast (I do), wear Lululemon yoga pants (I don’t), and love to get outside and travel (100% Me) I’m sure they would fit right in.
If you want to learn more about the Vanguard survey check out this link for even more nerdy activity.
Millennial investors are looking to retire early.
We have seen our parents & grandparents work for the same company for 30+ years, receive pension checks, and social security. We have also seen our aging parents get shown the door later in their careers and realized this is not and will not be us.
Here’s what we really see:
I will continue to shout it from my laptop, casual conversation with friends, and the mountain tops of any trail my two (2) legs make it to the top of.
[tweetshareinline tweet=”Spend more time, energy, and money on what you truly value.” username=”98bf00619af95e59d8efc5c66eab7997″]
I’ll add a few different ways to say this:
Retirement is seen differently by a millennial investor. Instead of your typical retirement we are interested in new things.
Yes we want to start our own business even if it’s scary as can be(scary but doable). Yes we want to switch careers. Why not do something different in the face of retirement.
Retirement isn’t about turning old and gray and waiting for our next doctor’s appointment. 22% of millennial investors plan to retire before age 60. Our plan for retirement is different than yours.
With Covid-19 and the global pandemic affecting our lives, our normalcy, our careers, and everything not mentioned, investing can be a little bit scary right now.
A millennial investor is smart, capable, and resourceful.
We want to learn more about investing. I mean so many of us are willing to jump on YouTube and learn how to replace, install, and learn just about anything.
I mean I replaced a garbage disposal this past week because I was willing to read the instructions, watch the YouTube video, and have patience.
Many of us want to know and understand how things work even if we are going to hire a professional.
As they say a little knowledge is dangerous.
Since March 2020 when our lives changed I have been sharing with my financial coaching clients, monthly newsletter readers, social media following, etc. that NOW is the time to dial in and focus on your personal finances.
It’s of no surprise that 69% of millennials are doing just that.
What’s great is that despite the big bad scary market going up and down the majority of investors are staying the course and investing in their retirement accounts.
Continue to stay the course and our financial goals will become financial accomplishments.
A millennial investor is open to seeking professional financial advice and are open to seeking that advice from online sources.
More and more financial companies are moving towards a predominant online presence and strategy.
A millennial investor is looking to work with financial professionals from the comforts of our own phone, laptop, and homes.
Millennials and millennial investor alike trust and understand technology and the uses and benefits more than most. Robo advisors like the newly minted Vanguard Digital Advisor is something more and more individuals are looking to. It’s a chance to receive technology based financial advice that can help you manage your investments and keep you on track toward your retirement goal.
This post was written for entertainment purposes only and based on Markets may be volatile, but millennials’ investing goals are steadier than ever. While I personally use and recommend Vanguard to friends and family I have NOT been compensated by the company.