The attached article breaks a number of stereotypes that we have regarding the millennial demographic.
- They are our largest pool of investors making up 59% of the market.
- They are more conservative than we thought with a priority to seeking guaranteed or reliable investment returns
- They have more money due to higher incomes and inheritance
- They are socially responsible with their investment strategy
- They don’t actively seek advice as it is either too expensive or they don’t have enough
- They make up over 50% of all mobile trades via CommSec
However as expected:
- They embrace the technology component and are more likely to utilise mobile apps