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Investing is no longer for older generations with extra money on their hands. Millennials are stepping up to the plate...and they’re actually quite good at it.
According to new research, nearly seven in ten millennials are currently investing financially in something.The statistic emerged in a new survey of 2,000 millennials, which found that 85 percent of millennials do not, in fact, feel too young to invest.
The survey, conducted by OnePoll on behalf of Ally Financial Inc., sought to uncover how millennials feel about investing, and found that they are surprisingly confident.
According to the results, 85 percent of millennials who have invested have even made money, with the average millennial saying they’ve actually netted $2,527.17.
But are there some standards you should meet before you dive head first in the stock market or another investment?
According to the results, the “right age” to start investing is 28. But that’s not all--survey respondents said you should also have an annual salary of over $35,000, and have at least $3,659 in your savings.
“Regardless of how much you have to invest, the key is to just get started, said Dave Dusseault, executive director for Ally Invest. “A small account with a set of Exchange-Traded Funds that offer some diversity is often a good place to start.”
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While millennials, in general, are pretty on top of it, there are still about one in five who say they’re so overwhelmed by the idea that they haven’t even looked into it at all.
But if those millennials were to start investing, they’d be in it for the profit, right? Well, according to the survey, not exactly. It’s more about ethics for our younger generation.
In fact, of the millennials who have never invested, 83 percent said that if they were to invest, it’s important for that company to be ethical and socially responsible.
Additionally, when asked if they would invest in an unethical and socially irresponsible company that would make them RICH, the majority of millennials said NO.
The survey also asked millennials what they would do if they were suddenly given $100,000 no questions asked. The top answers? Interestingly enough: pay off debt and invest.
Said Ally Invest’s Dusseault: “The millennial generation has plenty of motivation for getting invested; they know it’s one of the surest ways to overcome debt and build financial security over time. But all of the industry jargon and daily market moves have them spooked. The truth is, it only takes a few simple, affordable steps to get started and put yourself in a position to benefit from the market, and we created an investing guide to help younger generations understand the ins-and- outs of investing to help them expand their personal finances options.”
TOP 10 SECTORS MILLENNIALS INVEST IN:
New startups 21%
TOP 7 REASONS WHY MILLENNIALS DON’T INVEST: