The demand from millennials for education about investing is higher than other ways in which they could increase their financial knowledge, such as savings or managing debt, a survey found.
A survey partly sponsored by Foreign & Colonial Investment Trust - which is the world’s oldest investment trust - found a quarter of millennials said they wanted more help or education to do with investing. This compared to 21% for saving, which was the next most in-demand topic of financial education.
A lack of money was a key factor that impeded millennials from investing, but the survey also found that the lack of knowledge about investing options stopped 30% of them.
The ’Millennial Money Survey’ – which was also sponsored by BMO Global Asset Management, which manages the 150-year-old investment trust - found a “strong desire” among 18-35 year olds to improve their financial knowledge.
The researchers said 7.8 million millennials did not have savings or investments in place to help them achieve their life ambitions.
Over 4,000 UK adults aged between 18 and 35 were surveyed and buying a property, getting married and having a family were top ambitions for 64% of them.
But as many as half may never realise their aspirations unless they make pivotal changes to their money habits, according to the researchers.
Ross Duncton, head of marketing and direct at BMO Global Asset Management, which run the investment trust, said: “UK millennials simply aspire to achieve what previous generations have enjoyed; and they do it with a fortitude that helps them survive in a post-credit-crunch world. While some have debt, it’s clear that the majority are far from a reckless generation.”
Most are sensible spenders who want to take more control over their money, despite a lack of formal financial education and income, he said, adding that “many only need to shift their money mind set slightly to get their money working harder, and in turn help them achieve their ambitions”.
©2018 funds europe