Why aren’t millennials investing in the markets at the same rate as other age groups in Canada? It’s actually fairly straightforward. Our CTO Chris Nicola explains in this week’s article in Business in Vancouver:
“They’ve got other primary goals in mind. They have lower disposable income available for savings than previous generations and they have higher student debt. A lot of them are dealing with those problems first and foremost.”
Of course, plenty of millennials do set aside funds in RRSPs, TFSAs and other investment vehicles. As Chris points out, one third of our clients were born in the early 1980s to 1990s. That number is surely going to grow.
Millennials investing for a brighter future
It’s fascinating to see the differences in how millennials want to invest, compared with previous generations. As the BiV article noted, this age group is far more likely to want to invest in companies solving social or environmental problems.
Regardless, it’s clear that some millennials already developed great investing habits early on. Others will get there in time.
We’re just happy to be there for them. We want them to have a viable alternative to the big financial institutions, or the default provider recommended by parents or grandparents.
WealthBar gives them a new choice. They can have lower fees, expert financial advice and easy-to-use financial planning optimization tools.
We’re here to help millennials investing right through all stages of life. Thanks for being there for us, too – and for keeping an eye out for all of our futures.