Often categorised as selfish or ungrateful, the generation that is known as “Millennials” are proving to be quite the generous bunch and are slowly growing into socially conscious investors.
Millennials are the generation born in the 80s and mid-90s, who have come of age in the financial crisis. As a result, they have faced challenging job markets, low interest rates and higher living costs, and found it difficult to save for a home or retirement.
According to a 2015 Goldman Sachs study, compared to the generations before them, millennials hold less of their assets in stocks and more in cash.
But this trend is now slightly shifting, with more millennials investing, for two reasons:
- The fintech industry boom has created services that truly revolutionised the way people deal with their money and invest. It fits perfectly with the lifestyle of this tech-savvy generation.
- There is a heightened awareness of societal issues and a growing interest in producing a positive impact on society. The most highly rated issues being: environment, education, clean water and gender equality.
Because of these two trends, more and more millennials use technology to find volunteer opportunities or to donate online. That’s why, at MyMicroInvest, we welcome the younger generation to invest in any startup or scale-up they are passionate about and we will gladly guide them through the process.
By 2024, the youngest millennials will be entering their thirties and planning their financial future. So as they gain more economic power their investment choices are more and more likely to reflect their values.
Even though most millennials entered a tough job market, the new generation has the possibility of becoming a true example of how technology can be used to make a difference by investing, donating or volunteering in causes and projects that they care about, making them an impactful generation.