Millennials realise they don't know much about investing
They may be tech savvy, but they still want financial educators, not robo-advisers, to fill in their knowledge gaps
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EVERYONE thinks they have millennials figured out. But a new report suggests we don't know what we think we know about this critical demographic, especially when it comes to investing.
And that's a big deal for finance professionals. Think about it: Millennials are poised to inherit about US$30 trillion in the next 30 years. If advisers plan on managing any of that wealth, they better develop an understanding of this next generation of investors.
Based on the data in "Uncertain Futures: 7 Myths about Millennials and Investing", a study of US investors conducted by the FINRA Investor Education Foundation and CFA Institute, the first step to gaining that understanding is forgetting everything we've heard about millennials and money.
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