HOBOKEN, N.J.–A new analysis offers insights into Millennials and their investing behavior, finding among other things the cohort appears to be better at saving for retirement than earlier generations.
Compiled and published by LendEDU, survey results show:
- 58% of Millennials are actively saving for retirement, with the average amount already saved being $26,475.
- · Millennials aged 23-27 have $7,796 saved for retirement, those aged 28-32 have $21,375 saved, and those aged 33-38 have $39,787 saved. When it comes to saving for retirement, LendEDU noted age holds much more weight in determining how much Millennials have saved for retirement rather than individual annual income.
- · 30% of Millennials are personally invested in the stock market outside of their retirement account, only 19% of those aged 23-27 are personally invested and 35% of those aged 33-38 are personally invested.
- · 29% of all Millennial investments were in finance stocks, 18% were in tech stocks, and 11% were in healthcare; these sectors were constantly the three that Millennials invested most, LendEDU reported.
- · 21% of Millennials use a financial advisor to manage their finances, and 89% of them think the advisor is worth the cost.
- · 65% of Millennials would prefer to use a human advisor over a robo-advisor, while 16% opted for the robo-advisor, and 19% had no preference.
The full report can be found here: https://lendedu.com/blog/millennials-investing-retirement/