High Net Worth Millennials Confident About Reaching Short-Term Financial Goals
What is this generation so optimistic about?
While most Americans report they are on track to achieve long-term financial goals according to the latest Morgan Stanley Wealth Management Investor Pulse Poll, one group is particularly focused on their short-term financial success – Millennials.
There are more than 80 million millennials in the U.S., making them a significant cohort. As for their financial confidence, to a greater degree than high net worth investors overall, high net worth millennials between the ages of 25 and 35 strongly agree they are on track to reach short-term goals. However, they are a bit less confident when it comes to achieving their long-term goals. A majority of millennials who were polled cite a range of concerns—from savings and risk levels, to costs associated with aging parents and education for future generations.
Interestingly, the survey showed roughly two in three millennials currently leverage the insight of a financial professional — more so than investors overall. These millennials are most interested in market analysis and asset allocation. While interested in digital planning tools, they are even more likely to enlist the support of a certified financial planner to supplement online tools.
High net worth millennials have far more optimistic expectations for global, national, state and local economies— roughly 20 percent or more points higher than high net worth investors across the board on expecting improvement in the next 12 months.
Indeed, millennials are influential themselves. More so than other generations, millennials believe in their ability to change the world and are demonstrating this credence through their commitment to giving back and their strong desire to make an impact. In fact, they are driving the sustainable investing movement.