-invstr, the social finance app that enables users to better understand the financial markets, announces new research revealing that millennials are worried about their finances and unprepared for retirement. The new survey demonstrates that while young people value investing, they are largely sceptical of the stock market and are not making investments into retirement accounts.
“As a generation that carries large amounts of debt and new personal financial responsibility, it’s important that they’re empowered to make smart financial decisions that prepare them for the future.”
The survey is being released in conjunction with the re-launch of invstr, the app that is democratizing finance by making sophisticated financial information accessible and easily digestible for both new and experienced investors. The app allows users to pick stocks and make predictions about the markets through investing games, while also providing professional market news and financial information for free. invstr provides real-time market data for stocks, bonds, currencies, commodities, and interest rates from around the world and also gives users access to news across leading media organizations.
“Millennials are very financially aware, probably more so than any other generation before them, because many of them came of age during the financial crisis and its aftermath,” said Kerim Derhalli, CEO and Founder of invstr. “As a generation that carries large amounts of debt and new personal financial responsibility, it’s important that they’re empowered to make smart financial decisions that prepare them for the future.”
The survey polled 2,000 millennials on their financial literacy levels and knowledge of the investment market. Findings from the study revealed:
- 70% of millennials admit they are worried about their financial future
- More than 77% of respondents said they thought investing was important but only 26% think they have their finances covered
- Roughly half of those surveyed do not have a pension or retirement investment account
- Almost 35% polled were not comfortable investing in the stock market and an additional 38% were only “somewhat comfortable” investing in the stock market
- 80% of those surveyed did not know the contribution limit for IRAs in the 2015/2016 tax year
- 77% of respondents did a majority of their banking and investing via mobile devices, tablets or computers
The survey brings to light the many gaps in millennials financial knowledge and the need for a tool to help them better understand the stock markets and how to regain control of their financial future. The poll was conducted by OnePollbetween May 25 and June 1, 2016 and surveyed 2,000 16-30 year olds across the United States.