ALLVOICES NEWS - UBS Investor Watch Report Reveals Millennials Are As Financially Conservative As Generation Born During Great Depression.
Millennials shatter stereotypes, believe in hard work, worry about parents' financial health, and define success as a combination of money, healthy relationships, and enriching experiences.
New York, NY - UBS Wealth Management Americas (WMA) today released its quarterly UBS Investor Watch report, that shows Millennials (people ages 21-36) are the most fiscally conservative generation since the Great Depression. While Millennials describe their risk tolerance as either conservative or somewhat conservative (34%), their average asset allocation is extremely conservative, with the average portfolio dedicating 52% to cash, compared to 23% cash for other investors.
The majority of Millennials said saving was the best financial advice they had received, while other generations said investing was the best. This Depression Era mentality combined with advice they get from family is turning Millennials into a generation of savers who are skeptical about long-term investing and market chasing. Only 12% of Millennials said they would invest found money in the market, and only 28% see long-term investing as a pathway to success and are focused on meeting their goals instead of a specific market return.