A recent survey conducted with millennials – on the life goals that were important to them – revealed very different trends among their generation and ‘baby boomers’.
Opening a business is now one of the most important goals among millennials, with at least 10 per cent of survey respondents saying they were committed to laying out a plan to open their own business. This is a very different ambition to the ones held by the previous generation.
Roughly 15 per cent of respondents also said owning a property was an important goal, citing the age-old idea that home ownership equates to wealth.
A lot of this has been contributed to by the rise in the technology sector.
Millennials are investing a lot more in technology these days, as their favourite investment sector. This could be through listed equities or even through private equity investment.
Another recent survey backs this up, showing that the alternative asset class such as private equity investment has taken the lead in equities as the preferred investment vehicle.
Even within equities, the tilt is moving towards technology stocks – be it through WAAX (Wisetech, Appen, Afterpay, and Xero) in Australia or FAANG (Facebook, Apple, Amazon, Netflix, and Google) in the USA.
Interestingly, only 18 per cent of millennials responding to the initial survey had high confidence in their own investment abilities.
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This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. We strongly suggest that you seek professional financial advice before action. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc. as at the date of issue.