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Debunking the Millennial Investing Myth

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Why do millennials get such a bad rep in the financial media?I suppose it’s a classic media trend: older generations always look askance atthe evolving values and priorities of rising generations, whom they secretlyfear will replace them. (And let’s face it: the young always do replace the old eventually.) Oldfuddy-duddies love to click on stories shaming the young for theirirresponsible habits or unrealistic rejection of prevailing worldviews. Nothingstrikes me as aging you faster than nursing some a priori beef against younger people.

Sowhen I saw this article in The Economist,Do Millennials Save?, I rolled my eyes a bit. I expected ahand-wringing screed against debt-saddled young people who foolishly spend itall today while continuing to sponge off their parents. Imagine my surprise,though, when I got to the article’s kicker section: British millennials, itturns out, are incredibly good savers. “Data from National Savings andInvestments (NS&I) show that in 2014-15, 16- to-34-year-olds saved 9% oftheir income, compared to the overall average of 8%,” according to the article.What’s more, the same data-set provides proof-points suggesting this trend is along-standing one. To cite just one, going back to 2004 there wasn’t a singleyear in which millennial savings rates dipped below the average rate.

At TradeKing I work side-by-sidewith some of the smartest – and most financially astute - millennials you’reever likely to meet. I learn something new from these folks everyday. Theirfresh perspectives teach me something new everyday – and, I hope, give me anopportunity to do the same for them. They truly keep me young!

I’m proud of all our millennialteammates, but I wanted to give a special shout-out to Brandon Wilson. He’s anonline marketing specialist for TradeKing Advisors and helps me administer myblog as only one of his many job duties. He’s also a brand-new contributor tothe TradeKing Advisors blog, posting about millennial attitudes, issues andopportunities in personal investing. I’m a big fan of his latest post, The“Magical Math” of Compounding for Investors. Once Brandon’seyes were opened to how compound interest actually works – you’re earninginterest on your interest, basically – he was hooked, and thus a greatmillennial investor was born. Brandon’s keen to spread this message to friends,colleagues and family – everyone he meets really – and you couldn’t find a morehelpful, enthusiastic, non-pushy person to make these issues seem both vitallyimportant and not so hard to address as you may’ve feared.


Don Montanaro

www.tradeking.com

  

Follow Don on Twitter and hone your skills at TradeKing All-Stars. You can also followTradeKing on Twitter, Facebook, Google+ or YouTube.

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[image: Smashing a Piggy Bank by Images Money on Flickr]

 

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