Who is Australia’s most financially savvy generation? Despite the perception of Millennials as being the financially irresponsible generation, a new survey has revealed that 57 per cent of all Australians believe Millennials have a greater interest in trading and investing than the generations that came before them.
The survey commissioned by Global Prime found that Aussies believe the availability of podcasts and online educational resources had driven greater financial awareness across younger generations including Millennials and Gen Z.
Higher living costs, housing unaffordability and the rise of crypto had also encouraged these generations to make money earlier than their parents, according to the respondents.
“It’s encouraging to see so many Millennials and Gen Z taking an interest in investing and trading, and focusing on their long-term financial future,” said Global Prime director Jeremy Kinstlinger.
“When it comes to trading, people from any age group can find success – it doesn’t matter what age you are, what matters is whether you do your due diligence and take the time to learn about proven trading strategies before jumping straight in.”
In addition to viewing Millennials as being more interested in investing and trading, 32 per cent of respondents said that the generation was better educated around finance and 37 per cent said that they were more interested in building long-term wealth.
“Within our trading community, we have successful traders in their late teens and early twenties, and we’ve also got successful traders in their 70s and beyond,” said Global Prime director Elan Bension.
“What all these people have in common is that they don’t let their emotions get the better of them or get swept up in the hype of the latest trending “finfluencers” on social media. They do their research first and focus on learning the psychology of trading, giving themselves the best chance possible at achieving long-term success.”
For first time investors and traders, Mr Kinstlinger and Mr Bension provided a number of tips including being realistic about returns and having a good understanding of risk management.
Individuals must also learn to control their impulses according to the pair while having a plan in place and seeking guidance from a mentor.
“If you are savvy about doing your own thorough research, find a trustworthy mentor and trade with a strategy in place, then you’re off to a good start,” said Mr Kinstlinger.
“The online trading industry has made trading accessible to thousands of people from all walks of life. We believe that it is important every trader is fully aware of the potential risks involved, and able to make informed choices.”
So there you have it! Who is Australia’s most financially savvy generation? It’s millenials!
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