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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

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

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