News Column

Millennial Investors Want Their Wealth to Help Others, Lack Confidence Managing Finances

May 30 2013 12:00AM

Marketwire

Tracker

CHICAGO, IL -- (Marketwired) -- 05/30/13 -- New research on Millennial investors from Spectrem Group shows how these wealth segments view national issues and their finances in a much different manner than older generations.

Millennial investors (investors aged 32 and under) are most concerned with key issues of national importance and applying monetary success to social good. Insights from Spectrem's 2013 High Net Worth Millennials report Millennials are generally more interested than the Gen X, Baby Boomer, and WWII generations in learning how to apply their wealth to help others -- though they lack confidence in managing their finances.

Millennials' top national concerns include:

•The economy: 68 percent of Millennial investors with more than $1 million net worth said they are worried about the prolonged economic downturn •More than half (53 percent) of the wealthiest Millennials expressed concern about inflation, the partisan political environment and the national debt

Overall, the wealthiest Millennials also expressed greater interest than their older counterparts in using their wealth to help others -- 45 percent vs. just over three-in-ten of Gen Xers (investors age 33-47), Boomers (48-66), and seniors (67+).

Yet very few Millennial investors feel knowledgeable about financial products and investments, most keep wealth in cash, and over one-fourth do not use a financial advisor.

Further insights into Spectrem's 2013 High Net Worth Millennials report are available at Spectrem's Millionaire Corner, including:

Blogging Millennials Explain It All For YouInvestment Strategies of High Net Worth Millennials

About Spectrem Group
Spectrem Group is a strategic consulting firm specializing in the affluent and retirement markets, integrating proprietary research with expertise in building business, marketing and M&A strategies. Its professionals have held senior management positions at leading global companies.

About Spectrem's MillionaireCorner.com
MillionaireCorner.com is a powerful source for up-to-the-minute news and information for investors, about investors designed to fuel financial growth. It incorporates Spectrem Group research as well as outside information. In the future, the site will offer financial advisor referrals.

Report available upon request.



Source: Marketwire


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