Busted: 5 myths about millennials and investing

Millennials are making some surprising and unconventional decisions about retirement, investing and financial advice. A new national survey from Broadridge and The Center for Generational Kinetics (CGK) explodes the myths and exposes the realities of America’s next-gen investors

MYTH #1

Millennials lag baby boomers in workplace retirement plan participation

FACT: For every three baby boomers, four millennials participate in workplace savings

MYTH #2

As the “most-educated generation,”¹ millennials must understand the basics of investing

FACT: Their views of risk and reward are unconventional – and potentially harmful to long-term portfolio growth

MYTH #3

Preferring the insights of friends and family, millennials don’t value professional expertise

FACT: When asked specifically about advisors, 54% said they value investment experience above all other advisor attributes

MYTH #4

Typical of younger generations throughout time, millennials focus on “living for today”

FACT: 40% percent said that a recommendation from an advisor would inspire them to invest and save more – compared to only 34% and 33% of Gen X and boomers respectively

MYTH #5

Tech-dependent millennials avoid in-person business discussions

FACT: From personal meetings to digital updates, millennials favor regular – and frequent – advisor communications

Want more? Download the free report here