Confessions of a millennial who hasn't invested a dime in stocks

When it comes to personal finance, there are some serious psychological barriers to becoming an investor

Stock
(Image credit: (AP Photo/Gregory Bull))

My colleague John Aziz wrote an interesting piece last week lamenting the fact that millennials aren't investing in stocks. This is not because they are less wealthy than previous generations, which is what I would have assumed. Though millennials aren't nearly as rich as their parents, even those who do have wealth tend to sit on their money:

[T]he data shows that even millennials who do have the money to invest are avoiding stocks. A UBS survey released earlier this year found affluent millennials hold 52 percent of their money in cash and 28 percent in stocks, compared with 23 percent and 46 percent for older people. So even affluent young people today are putting their money into bank accounts and securities that pay close to zero interest. [The Week]

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Ryan Cooper

Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.