Markets may be volatile, but millennials’ investing goals are steadier than ever

Joseph B. Hash 1 year ago

The infographic shows millennials’ attitudes and behaviors around saving for retirement, investing, personal finance, and financial advice. We surveyed 885 millennials aged 24-39 who make at least $50,000 per year. Here’s what we learned: 6 in 10 millennials want to retire before age 65, and 63{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad} define success in retirement as being able to do what they want. 39{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad} want to start a new career, and 35{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad} plan to start their own business in retirement. With COVID-19, millennials report feeling cautious (46{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad}), fearful (28{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad}), and skeptical (27{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad}) about investing. Nevertheless, 74{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad} are interested in learning more about investing. Despite their concern about jobs and the economy, only 1 in 10 millennials have delayed or canceled contributing to their retirement account because of COVID-19. 46{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad} said that COVID-19 has increased their interest in financial advice—more than any other generation. 51{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad} are more likely to consider using a robo-advisor, compared to 36{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad} of Gen-Xers and 24{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad} of young boomers.

If you’re prepared to just take that phase into the long term and use an on the internet device to help prepare your retirement, Vanguard Electronic Advisor™ is listed here. As millennials would say, which is some upcoming-amount adulting.

Notes:
Source: Vanguard research, 2020
All investing is issue to chance, which include the feasible reduction of the dollars you invest.

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